Tenfold returns never come from valuation math itself (Part 2)

The 10X Investment Opportunity You might Overlook

Duan Yongping once said,

一般而言，赚到几十倍甚至更多的股票绝不是靠估值估出来的，不然没道理投资人一开始不全盘压上。

“Tenfold returns never come from valuation math. If they did, everyone would go all-in from the start.”

He also hinted at the real secret: knowing how to identify 10X opportunities — a method we’ll explore today.

In the previous piece, we analyzed such an opportunity through the lens of Peter Thiel’s Zero to One and the Nalanda framework, focusing on a tech company with strong monopoly-like traits and serious 10X potential.

10X Potential: The Blockchain Play You Might Be Overlooking

Now, we go a layer deeper — examining the quality of its management, the founder’s mindset, its risk dynamics, and most importantly, how to value a company that doesn't fit into traditional models. I’ll also share my personal perspective on why this investment might offer rare, asymmetric upside.