1- How large of a position counts as a heavy position? No single position should exceed 20%, no matter how heavy the contract is.
It seems there is no unified standard indicating how much of a position counts as heavy, or what the lower and upper limits are.
I feel that generally, a position of 10% can be considered a heavy position, but the upper limit of a heavy position depends on the investor's understanding and insight regarding that asset. The deeper the understanding, the larger the position can be.
I reflected on my own experiences and found that I have coincidentally followed the same path in both the stock market and the crypto market.
In both markets, I started with a diversified approach of "casting a wide net" and "broadcasting seeds," only to later significantly cut down on fragmented projects and those I no longer found promising, ultimately concentrating naturally into 2 to 4 heavy positions.
Among these heavy positions, the smallest holding is 15%, and the largest exceeds 30%.
Achieving such similar results in these two markets was not something I planned from the beginning or intended to achieve; rather, it was the outcome of undergoing rounds of purification, elimination, and reflection, continuously refining until it took form.
I checked the stock positions held by Duan Yongping (Q1 2026) and Berkshire Hathaway (Q2 2026):
Duan Yongping has two stocks with over 20% positions: one is Apple, and the other is Berkshire Hathaway. His position in Apple accounts for 37% of his holdings, while his position in Berkshire Hathaway makes up 22% of his holdings.
These two stocks alone account for nearly 60% of his positions.
If we include Nvidia, which makes up 12% of his position, and Pinduoduo, which accounts for 10%, these four stocks together exceed 80% of his holdings.
The remaining stocks he purchased each do not exceed 10% of his portfolio, which can be considered as playful or exploratory investments.
Berkshire Hathaway is similar but slightly more diversified: the five stocks they hold account for 66% of the total portfolio, specifically Alphabet at about 15-18%, American Express at about 15-17%, Apple at about 12-15%, Bank of America at about 10-12%, and Coca-Cola at about 8-10%.
From these figures, although it is difficult to find a unified answer regarding "heavy positions," it is likely that after investors establish their heavy positions, the results will be very similar across the board.
2- What impact does the offshore tax have on us now?
Everyone will be affected; it is just a matter of time.
The future trend is certainly that "all taxable will be taxed."
As for the reason, I think it’s not difficult to draw this conclusion by simply paying attention to the current macro environment and the actual financial conditions of the country and localities.
The direction of taxation will definitely start with the easiest places and people to collect from, beginning with those least affected, then expanding to various layers of society and sectors of life...
What are the easiest places and people to tax?
Where money is most visible, and which types of people are wealthy.
Fields with only a few participants and individuals who can or are capable of doing something—this includes people with income abroad, which naturally entails offshore tax.
Not long ago, the government took significant action against those using trusts to manage assets overseas, which were both easy to tax and caused minimal impact.
They were the first group targeted.
Next, every level will be addressed.
Therefore, this issue cannot be avoided.
Various types of taxes that many other countries have long implemented, such as inheritance tax, gift tax, real estate tax, and capital gains tax, will certainly be introduced one after another.
The reason they haven't been introduced before was simply that the timing was not yet ripe, but now I feel that it will happen more rapidly.
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