Dan Bin's "Soulful Voice": When there is panic, one must dare to buy and stand in the correct currency and asset structure.

Recently, Dan Bin, the head of a private equity fund managing hundreds of billions, attended a public event and shared his investment insights over the past three decades.

It can be regarded as a "soul - deep exploration" of his 30 - year investment philosophy.

As the operator of Orient Harbor Fund, his heavy investment in NVIDIA in the past three years has led the market to have various interpretations of him: risky, prophetic, reckless, determined, reckless...

After reading the content of this speech, perhaps we can have an understanding of Dan Bin's underlying philosophy and further explore his "investment mindset".

1. Those truly in the "investment game" actually face the same thing every day: how to make decisions in great uncertainty.

2. Buffett's purchase of Google is, in a sense, a vote of support for the direction of the AI era.

3. Even on Black Monday, you have to throw a "grenade" in. Facts have proven that as long as you don't buy randomly, buying during panic is generally a good move.

4. This is how investment works. Your position and mindset are always tied to profits and losses, but the market doesn't care about anyone's emotions.

5. Once you view things from a long - enough time scale, fear is not really a problem. The most crucial logic for long - term investment is that assets should generate income.

6. If you invest 100 million in income - generating assets like Tesla instead of non - income - generating tokens, the long - term odds are completely different.

We have organized the content of Dan Bin's speech as follows (from the first - person perspective) for readers.

01 Making Decisions in Great Uncertainty

This time, I want to share with you all my practical market experience over the years exactly as it is.

Over the past 30 years, I've faced too many "similar" questions:

Are stocks overpriced?

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

There are always those who worry and those who are confident in the market.

But those truly in the "investment game" actually face the same thing every day: how to make decisions in great uncertainty.

My sharing today is titled "Rooted in China, Going Global, and Living Up to a Great Era". It's not just a slogan but my personal experience from the market over the years. All the views I express are based on my personal judgment, not representing the company, nor do they constitute any advice.

From August 5th to August 7th last year, the U.S. stock market tumbled for three consecutive days. The reasons were not complex: Japan's interest rate hike reversed the carry - trade chain, the expectation of a U.S. economic recession increased, and Buffett continuously increased his cash position. All these impacted market sentiment.

Some people said AI was a bubble at that time. But looking at it this year, Buffett's purchase of Google is, in a sense, a vote of support for the direction of the AI era. The market is always like this: the more panicked you are, the more opportunities it gives you.

02 Dare to Buy During Panic

I've been in the investment field for many years, and one principle has been proven time and time again: you must dare to buy during panic.

On August 5th last year, when the market crashed, I happened to have some money on hand. All I could think was: even on Black Monday, you have to throw a grenade in. Facts have proven that as long as you don't buy randomly, buying during panic is generally a good move.

Everyone around me was panicked at that time, but I believed that the strongest voice of this era was artificial intelligence, and it wouldn't end because of a few days of decline.

That night, I was having dinner with a friend in Shenzhen. When he heard I was buying, he rushed over. He watched as NVIDIA dropped to $92 that day. After he helped me place the order, the stock price immediately rebounded by 10%. He was extremely happy.

But if the stock price had continued to fall by 10% that night, he might not have come for dinner but to question me.

This is how investment works. Your position and mindset are always tied to profits and losses, but the market doesn't care about anyone's emotions.

03 Why Some People "Miss the Era"

The rebound after the crash was quite rapid. The leveraged long - index (a derivative tool for multi - fold long - index) once soared to 83% during intraday trading, which was a rare sight in history. Since the index was launched 31 years ago, there have only been 16 times when the single - day increase exceeded 40%.

Many people who are very successful in their own fields tend to lose control of their emotions once they enter the market. Because sharp drops and surges are not in line with common - sense logic but are a test of psychological limits. Most people miss the era because every era is bound to be full of noise, and they are scared off.

In April this year, the S&P dropped 10.5% in two days, ranking fifth in history. I still judged it to be a major bottom. Looking at historical data, after every significant decline, there were significant increases in the following 1 - year, 3 - year, and 5 - year periods. The real challenge is: do you dare to act at that time?

04 The Key Logic of Long - Term Investment

Once, an intern in our company asked me how to overcome fear during a market decline. I told him to paste the price chart of that asset from its inception to the present on his bedside and take a look every time there is a sharp drop.

You'll understand that once you view things from a long - enough time scale, fear is not really a problem.

The most crucial logic for long - term investment is that assets should generate income. Gold has only maintained its value over 200 years. Virtual currencies essentially don't generate income. In the returns of stocks, 5% comes from profit growth, and 4.8% comes from dividends and share buybacks. What really determines long - term wealth is the growth of the enterprise, not the swing of emotions.

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

I replied: If you invest 100 million in income - generating assets like Tesla instead of non - income - generating tokens, the long - term odds are completely different.

05 Standing in the Right Currency and Asset Structure

The broader underlying logic of wealth management is exchange rates. In the past 10 years, if you had kept all your assets in the Turkish lira, you'd only have 6% left now.

Therefore, long - term wealth is not achieved through skills but by standing in the right currency and asset structure.

The history of overseas capital markets over the past 60 years tells us that what truly creates wealth is never interest rate hikes or cuts but technological progress.

Behind each long - term upward trend, such as the era of Apple's listing, the Internet era, and the zero - interest - rate era, is technological innovation reshaping business models. As long as you can understand the direction of the era and dare to move forward with it, you can get through short - term noise.

After being in the investment field for so long, I increasingly believe in a simple truth: the era always moves forward, and the market always has noise. The only real challenge is whether you can see the trend clearly, withstand fear, and are willing to bet on the long - term.

This is all I've learned from the market over the past 30 years.

This article is from the WeChat official account "Capital Deep Dive", author: Zheng Xiaojie, editor: Yuan Chang. Republished by 36Kr with permission.