Tencent
One of Duan Yongping’s biggest missed opportunities — “When Tencent was around 8 HKD, I even specially visited Pony Ma, but kept procrastinating and never invested”
🏢 Company Profile
腾讯 is one of the important companies in 段永平’s portfolio and also one he admits to having “missed.” When Tencent was around 8 HKD, he specifically visited Pony Ma but ultimately didn’t invest. Later he bought into Tencent, considering its 生意模式 extremely strong — WeChat’s 护城河 makes users simply unable to leave. 茅台, 苹果, and Tencent are the three companies with the best 生意模式 in his view.
📅 Investment Timeline
| Time | Event | Duan Yongping’s Judgment |
|---|---|---|
| ~8 HKD for Tencent | Specifically visited Pony Ma, felt good about it | But “kept procrastinating and never invested” |
| Later | Bought Tencent | Considered it an excellent 生意模式 |
| 2020 | Holding Tencent | ”The Apple, Moutai, including Tencent that I bought all have Old Ba’s influence in them” |
💡 Why Duan Yongping Was Bullish on Tencent
- Extremely strong 生意模式: 段永平 said “what’s left in the end are often companies like Apple, Tencent” — those that ultimately win out in competition tend to have extremely strong business models.
- Strong products are necessary: Duan Yongping said “Take Moutai, Apple, Tencent — if their products weren’t this powerful or good, could they have formed such powerful business models as they have today?” — Strong products are a necessary condition.
- 巴菲特’s influence: Duan Yongping said “After meeting Old Ba, the Apple, Moutai, including Tencent that I bought all have Old Ba’s influence in them — especially holding long-term, absolutely inseparable from him.”
- Extremely deep 护城河: WeChat has extremely high user stickiness and massive switching costs — this is Tencent’s most important moat.
💡 Tencent vs. Apple: Business Model Comparison
Duan Yongping directly compared Tencent’s and Apple’s business models:
“By the way, what is a business model? A business model is a profit-making model — the model that makes more money in the end should be considered better. Apple’s annual profits now exceed the total combined profits of all Chinese internet companies (including Tencent) since their inception. What logic says Tencent’s model is better?” (2013-03-04, Investment Logic Volume)
This isn’t disparaging Tencent but showing how Apple’s business model represents the ultimate in profit scale. Tencent remains one of Duan Yongping’s companies with a “long runway, thick snow.”
❓ Selected Q&A
Q: How is Tencent’s business model?
A: What’s often left in the end are companies like Apple, Tencent. (2019, Investment Logic Volume)
Q: Why did you miss Tencent?
A: I didn’t invest in Tencent. When Tencent was around 8 HKD, I even specially visited Pony Ma, felt pretty good about the company, but kept procrastinating and never invested. If Tencent had been listed in the US, I probably would’ve invested. (Investment Logic Volume)
Q: Whose business model is better, Tencent or Apple?
A: Apple’s annual profits now exceed the total combined profits of all Chinese internet companies (including Tencent) since their inception. What logic says Tencent’s model is better? (2013-03-04, Investment Logic Volume)
Q: Is Tencent “long runway, thick snow”?
A: Tencent should count too, right? Any questions? (2017-03-17, Business Logic Volume)
Q: What made you finally buy Tencent?
A: It was through chance opportunity that I learned about NetEase — there was some luck involved. Besides Tencent I hadn’t looked at other gaming companies; always wanted to invest in Tencent but only bought some last year. (2019-03-16, Investment Logic Volume)
⚠️ Lessons from Missing Out
Duan Yongping said “I didn’t invest in Tencent. When Tencent was around 8 HKD, I even specially visited Pony Ma, felt pretty good about the company, but kept procrastinating and never invested. If Tencent had been listed in the US, I probably would’ve invested.”
This lesson shows:
- If you understand something, you must act — can’t “keep procrastinating”
- Opportunities within 能力圈 shouldn’t be missed due to market differences (HK stocks)
- This mirrors the reverse of 卖出逻辑 — buying also requires decisiveness
💬 Excerpts from Original Text
“After meeting Old Ba, the Apple, Moutai, including Tencent that I bought all have Old Ba’s influence in them — especially holding long-term, absolutely inseparable from him, haha.” — Duan Yongping (2020-10-15)
“I didn’t invest in Tencent. When Tencent was around 8 HKD, I even specially visited Pony Ma, felt pretty good about the company, but kept procrastinating and never invested. If Tencent had been listed in the US, I probably would’ve invested.” — Duan Yongping (Investment Logic Volume)
“What’s often left in the end are companies like Apple, Tencent.” — Duan Yongping (2019, on companies that ultimately win out)
“Take Moutai, Apple, Tencent — if their products weren’t this powerful or good, could they have formed such powerful business models as they have today? Strong products are necessary conditions.” — Duan Yongping (2020-10-31)
“Tencent should count too, right? Any questions?” (2017-03-17, on “long runway, thick snow”)
📚 Investment Insights
- Act when you understand: Duan Yongping missed Tencent because of “procrastination” — this is the reverse of 卖出逻辑 and an important lesson for 买入逻辑 too.
- Don’t miss opportunities because of unfamiliar markets: Duan Yongping said “if Tencent had been listed in the US, I probably would’ve invested” — opportunities within 能力圈 shouldn’t be missed due to market differences.
🔗 Related Notes
Related Concepts 生意模式 · 护城河 · 买入逻辑 · 能力圈 Related People 段永平 · 巴菲特 Related Companies 苹果 · 茅台 · 网易 Related Topics 段永平的错误与反思
腾讯
段永平错过的最大机会之一——“在腾讯8块钱左右还专门去拜访过马化腾，结果拖来拖去一直都没投”
🏢 公司简介
腾讯是段永平持仓的重要公司之一，也是他承认的”错过的机会”之一。他在腾讯8港元左右曾专门拜访马化腾，但最终没有投资。后来他买入了腾讯，认为腾讯的生意模式极强——微信的护城河让用户根本离不开，茅台、苹果、腾讯是他认为生意模式最好的三家公司之一。
📅 投资时间线
| 时间 | 事件 | 段永平的判断 |
|---|---|---|
| 腾讯8港元左右 | 专门拜访马化腾，感觉不错 | 但”拖来拖去一直都没投” |
| 后来 | 买入腾讯 | 认为是极好的生意模式 |
| 2020年 | 持有腾讯 | ”我买的苹果，茅台，包括腾讯，都有老巴的影响在里面” |
💡 段永平为什么看好腾讯
- 生意模式极强：段永平说”往往剩下的就是苹果，腾讯这些公司”——在竞争中最终胜出的，往往是有极强生意模式的公司。
- 强大产品是必要条件：段永平说”比如茅台，苹果，腾讯，如果他们的产品没这么强大，没这么好，那他们还能形成今天这么强大的商业模式吗？“——强大产品是必要条件。
- 巴菲特的影响：段永平说”认识老巴以后，我买的苹果，茅台，包括腾讯，都有老巴的影响在里面，尤其是一直拿着这点，和老巴绝对密不可分”。
- 护城河极深：微信的用户黏性极高，转换成本极大——这是腾讯最重要的护城河。
💡 腾讯 vs 苹果：生意模式的比较
段永平曾直接比较腾讯和苹果的生意模式：
“顺便说一下什么叫生意模式：生意模式就是赚钱的模式，最后赚得越多的模式就应该越好。苹果现在一年的利润比中国所有互联网公司（包括腾讯）从开办以来赚得利润的总和都要多，你说腾讯的模式更好的逻辑是啥？“（2013-03-04，投资逻辑篇）
这不是贬低腾讯，而是说明苹果的生意模式在利润规模上的极致体现。腾讯依然是段永平认为”长长的坡，厚厚的雪”的公司之一。
❓ 精选问答
问：腾讯的生意模式怎么样？
答：往往剩下的就是苹果，腾讯这些公司。（2019年，投资逻辑篇）
问：为什么错过了腾讯？
答：我没有投腾讯。在腾讯8块钱左右还专门去拜访过马化腾，对公司感觉也还不错，结果拖来拖去一直都没投。如果腾讯是在美国上市的话，我很可能会投的。（投资逻辑篇）
问：腾讯和苹果哪个生意模式更好？
答：苹果现在一年的利润比中国所有互联网公司（包括腾讯）从开办以来赚得利润的总和都要多，你说腾讯的模式更好的逻辑是啥？（2013-03-04，投资逻辑篇）
问：腾讯是”长长的坡，厚厚的雪”吗？
答：腾讯应该也算吧？有疑问吗？（2017-03-17，商业逻辑篇）
问：是什么让你最终买了腾讯？
答：是偶然机会了解网易的，多少有点运气。没看过其他游戏公司除了腾讯，一直很想投腾讯但直到去年才投了一些。（2019-03-16，投资逻辑篇）
⚠️ 错过的教训
段永平说”我没有投腾讯。在腾讯8块钱左右还专门去拜访过马化腾，对公司感觉也还不错，结果拖来拖去一直都没投。如果腾讯是在美国上市的话，我很可能会投的。”
这个教训说明：
💬 原文摘录
“认识老巴以后，我买的苹果，茅台，包括腾讯，都有老巴的影响在里面，尤其是一直拿着这点，和老巴绝对密不可分哈。” — 段永平（2020-10-15）
“我没有投腾讯。在腾讯8块钱左右还专门去拜访过马化腾，对公司感觉也还不错，结果拖来拖去一直都没投。如果腾讯是在美国上市的话，我很可能会投的。” — 段永平（投资逻辑篇）
“往往剩下的就是苹果，腾讯这些公司。” — 段永平（2019年，谈最终胜出的公司）
“比如茅台，苹果，腾讯，如果他们的产品没这么强大，没这么好，那他们还能形成今天这么强大的商业模式吗？强大产品是必要条件。” — 段永平（2020-10-31）
“腾讯应该也算吧？有疑问吗？“（2017-03-17，谈长长的坡厚厚的雪）
📚 投资启示
- 看懂了就要行动：段永平错过腾讯，是因为”拖来拖去”——这是卖出逻辑的反面，也是买入逻辑的重要教训。
- 不要因为市场不熟悉而错过：段永平说”如果腾讯是在美国上市的话，我很可能会投的”——能力圈内的机会，不应该因为市场差异而错过。
🔗 相关笔记
相关概念 生意模式 · 护城河 · 买入逻辑 · 能力圈 相关人物 段永平 · 巴菲特 相关公司 苹果 · 茅台 · 网易 相关主题 段永平的错误与反思