A quiet space, a comfortable chair, the two things that can create the most value in the office.

Building a position during an uptrend can easily be a false understanding. Only by building a position during a downtrend, while observing and thinking through the entire bottom, can one truly understand. The various ghost stories and risks exposed during a downtrend are very thorough, and every angle will be considered. Of course, building a position on the left side carries high risks, so it's essential to have a good plan for position size, targets, and additional purchases.

It takes me several days to figure out a question, and I like this rhythm.

The vague is beautiful; both people and targets are like this. When you look closely, they probably can't withstand scrutiny.

When investing in excellent and cheap assets, holding positions is a pleasure, filled with anticipation for the future. When speculating or buying poor assets, time drags on, and it often serves as a reminder of anxiety.

There are many ways to make money, but I don't pursue something just because it can make money; in fact, I might do well if I actually try. What I really want is to focus my energy and attention on building my own investment system and accumulating my own business knowledge. This is what truly matters in the long run; it is a system of compound interest, effective over the long term, beneficial for a lifetime, and with very high barriers to entry. If it's just to make a little money in the short term without long-term accumulation, it means nothing to me. Everyone has a different time horizon, and everyone values different things.

I used to think I could hold onto things that were very cheap (like cigarette butts), but after trying, it turns out I still can't. I can only hold onto things that are both good and cheap.

Investing is a complex matter, and those who cannot understand the intricate causal relationships are likely to suffer losses. Buying because the industry outlook is good; buying because it's cheap; buying because the product is good; buying because the founder is impressive; buying because the business model is solid; buying because it's rising; buying because it's a bull market... Thinking in terms of a single variable is always wrong.

Without looking at the details, there are many expectations; once you look at the details, those expectations are just fantasies. Only expectations supported by micro details can truly transform into future growth.

Contact with anyone and any information will influence you, to some extent.