Dan Bin "soul voice": When in panic, you must dare to buy and stand in the correct currency and asset structure

Recently, Dan Bin, the head of a billion-dollar private equity firm, attended a public event to share his nearly thirty years of investment experience.

It can be described as a "soul-searching" exploration of thirty years of investment philosophy.

As the operator of Dongfang Gangwan Fund, he has drawn various interpretations from the market due to his heavy investment in NVIDIA over the past three years: dangerous, prophetic, playing tricks, resolute, reckless...

After reading this speech, we may gain some understanding of Dan Bin's underlying philosophy and further explore his "investment mindset."

1. Those who truly stand in the investment "game" face the same issue every day: how to make decisions amid great uncertainty.

2. Buffett's purchase of Google can, in a sense, be seen as a vote of support for the direction of the AI era.

3. Even on Black Monday, you have to throw a "grenade" in. It has been proven that as long as you are not buying randomly, panic buying is generally not wrong.

4. Investment is like this: your mindset and position are always tied to gains and losses, but the market does not cater to anyone's emotions.

5. Once you stand on a sufficiently long time scale, fear is actually not a problem. The key logic of long-term investment is that assets must generate returns.

6. If you put that 100 million into a yield-generating asset like Tesla, rather than a non-yielding token, the long-term odds are simply not on the same track.

Wall Street Insights has organized Dan Bin's speech content as follows (from a first-person perspective) for readers.

Making Decisions Amid Great Uncertainty

This time, I want to share some of my practical experiences in the market over the years.

For more than 30 years, I have encountered many "similar" questions:

Are stocks too expensive?

Is AI a bubble? Is the market about to crash?

There will always be people worried in the market, and there will always be those who are confident.

But those who truly stand in the investment "game" face the same issue every day: how to make decisions amid great uncertainty.

My sharing today is titled "Rooted in China, Moving Towards the World, Not Wasting a Great Era." It is not a slogan, but rather my feelings from the market over the years. All the views I express are based on my personal judgment and do not represent the company, nor do they constitute any advice.

From August 5 to August 7 last year, U.S. stocks fell sharply for three consecutive days. The reasons are not complicated: Japan's interest rate hike led to a reversal of the arbitrage chain, expectations of a U.S. economic recession rose, and Buffett continued to increase his cash position. All of these impacted market sentiment.

At that time, some people also said AI was a bubble, but looking at this year, Buffett bought Google, which can be seen as a vote of support for the direction of the AI era. The market is always like this: the more panic you feel, the more opportunities it gives you.

Be Bold to Buy When Panic Strikes

I have been investing for many years, and one principle has been repeatedly proven by time: you must be bold to buy when panic strikes.

During the sharp decline on August 5 last year, I happened to have some cash on hand, and I only had one thought in my mind: even on Black Monday, you have to throw a grenade in. It has been proven that as long as you are not buying randomly, panic buying is generally not wrong At that time, everyone around me was panicking, but I felt that the strongest voice of this era is artificial intelligence; it will not end because of a few days of decline.

That night, I was having dinner in Shenzhen with a friend. When he heard that I was buying, he hurried over. He watched as NVIDIA dropped to $92 that day, and after he pressed the buy button for me, the stock price immediately rebounded by 10%. He was extremely happy.

But if it had continued to drop by 10% that night, he might have come not to have dinner but to question me.

Investing is like this; your mindset and emotions are always tied to gains and losses, but the market does not cater to anyone's emotions.

Why Some People "Miss the Era"

The rebound after the crash was actually swift. Leveraged long index (a type of derivative tool that multiplies long exposure to an index) at one point surged by 83%, a moment rarely seen in history. In the 31 years since this index was created, there have only been 16 instances of a single-day increase exceeding 40%.

Many people who are very successful in their fields find it easier to lose control of their mindset once they enter the market. This is because crashes and surges are not based on common sense logic but are a psychological limit test. Most people miss the era because every era is bound to be filled with noise, and they get scared.

In April this year, the S&P dropped 10.5% in two days, ranking fifth in history. I still judged that it was a major bottom. From historical data, almost every significant drop is followed by notable gains in 1, 3, or 5 years. The real challenge is: at that moment, do you dare to take action?

The Key Logic of Long-term Investment

Once, an intern at the company asked me how to overcome fear during a downturn. I told him to put the price chart of that asset from its inception to now on his bedside. Every time there is a crash, take a look.

You will understand that once you stand on a sufficiently long time scale, fear is not actually a problem.

The most critical logic of long-term investment is that assets must generate income. Gold has only preserved value over 200 years, virtual currencies essentially do not generate income, while stock returns consist of 5% from profit growth and 4.8% from dividends and buybacks. What truly determines long-term wealth is the growth of enterprises, not the fluctuations of emotions.

Someone asked me if they should invest 100 million in tokens.

I replied: If you put that 100 million into an income-generating asset like Tesla, rather than a non-income-generating token, the long-term odds are not even in the same league.

Standing in the Right Currency and Asset Structure

The deeper logic of wealth management is exchange rates. Over the past 10 years, if you had kept all your assets in the Turkish lira, you would now have only 6% left.

Therefore, long-term wealth is not built on skills but on standing in the right currency and asset structure.

The history of overseas capital markets over the past 60 years tells us that true wealth creation has never been about interest rate hikes or cuts, but about technological progress.

The era of Apple's IPO, the internet era, and the zero-interest era—behind every long-term rise is the technological drive reshaping business models. As long as you can understand the direction of the era and dare to walk with it, you can navigate through short-term noise After investing for so long, I increasingly believe in a simple truth: time always moves forward, the market always has noise, and the real challenge is just one: whether you can see the trend clearly, withstand fear, and be willing to bet on the long term.

This is everything I have learned from the market over the past 30 years.

Risk Warning and Disclaimer

The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investing based on this is at your own risk