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Deriving feasible policy tools for the dual perspectives of China and the United States. Public opinion guidance leads the masses. In the panic and uncertainty of others, Buffett said: "Be fearful when others are greedy, and be greedy when others are fearful."

Price = Value × Emotion.#

The first question to clarify is whether you are here to earn "money from company (economic) growth" or "money from short-term fluctuations."

The latter is a zero-sum or even negative-sum game. The money you earn from emotional fluctuations is the money another person loses (of course, everyone thinks they are the one making money). Due to transaction costs such as commissions, fees, and stamp duties, this game is a negative-sum game. Everyone is competing in a continuously losing game.
The kind of person you are and the world you see determine what kind of investment philosophy you will have regarding the stock market in cognitive operations.
Borrowing a quote from Mark Twain used in the movie "The Big Short": "It is not the world that is going to get you into trouble, but the things you believe in firmly that are not as you think."
Long-term investment returns can be categorized into three sources:
(1) Basic assets (broad-based indices);
(2) Stock selection;
(3) Timing.

Questions:#

(1) If you had a sum of new money, would you buy this product now? If not, then why hold it?
(2) Not selling does not mean there is no loss; it is just our one-sided concept. What is the difference between unrealized losses and realized losses?
(3) On what basis do we believe that the returns from "wrong investments" can be greater than those obtained from starting over with "correct investments"?

I remember Duan Yongping saying "do the right thing," and then someone asked, "What is the right thing?" Duan Yongping replied, "Discover that you have done the wrong thing and stop immediately."
The distance to break even is also the distance to freedom.
Sunk costs are not costs; how to overcome your inner demons is something you must face honestly.

Data from nearly 20 years also tells us that whether in A-shares or U.S. stocks,

the underlying nature of humanity is the same. When people engage in more uncertain activities, it is often driven and attracted by higher return expectations.

If the capital market sees a huge pool of water, most of the American people's money has already entered the pool through various means such as 401K and investment advisors. In contrast, most of the Chinese people's money is in real estate and savings, outside the pool.
The level of understanding of the stock market behind the money.
• Stocks are the highest long-term return assets;
• Behind stocks are companies;
• Both the economy and the market have cycles; bull and bear markets swing back and forth like a pendulum;
• Mr. Market is capricious; sometimes the same company is priced high, and sometimes low;
• Market prices quickly integrate a lot of information, making it difficult for most investors to beat the market;

Returning to the essence, do not focus too much on price, but see clearly the value that the price revolves around. Learn how to assess value, enhance your abilities, and gain greater freedom, rather than being led by price.

Investment is a game of inward exploration and outward truth-seeking.#

On the surface, we talk about money, stocks, funds, and companies, but in fact, investment is more like a process of refining the heart, examining our relationships with ourselves, with others, with money, and with the world.

Perhaps only in the field of investment, intelligence, physical ability, skills, experience, and resources may not be the most decisive factors—rather, the seemingly ethereal personality, environment, and behavior determine our success or failure even more.
Remember, the market cannot be defeated; the only thing you can conquer is yourself. The lessons we learn in investment and the tempering of our character will ultimately have a positive impact on our work and life.
There is no course called investment science, only the realization of cognition. And cognition is not limited to the narrow scope of financial management; it is more importantly about understanding the laws of economic and social development and, even more importantly, understanding oneself.
What we want to earn is not money itself, but the things behind money—resources, products, and services.
Paul said in this article:
"Money is not equal to wealth. What we want to obtain is the wealth created by human society."
The history of wealth is as long as the history of humanity. When our ancestors warmed themselves in caves and ate meat, the firewood they gathered and the wild rabbits they hunted were wealth.
The history of money is much shorter. Human society invented money because we needed a medium for transactions.
In primitive society, our ancestors gathered firewood, made fire, hunted, and took care of companions. They could also exchange their labor for goods with others, such as trading three bundles of firewood for a wild rabbit.
However, as social division of labor became more detailed, most of the products and services we need in our lives cannot all be provided by ourselves and those around us.
Thus, the transaction of trading three bundles of firewood for a wild rabbit was divided into two steps:

1) We first use the products and services we produce to exchange for money (such as shells, gold, silver, U.S. dollars, Chinese yuan);#

(2) In the present or future, use this money to exchange for the products and services produced by others that we need.#

Work is often mentioned, and one might even jokingly refer to oneself as a worker. Like money, this also blurs the essence behind work.
Just as wealth lies behind money, what lies behind work?

It is creation.#

Paul said that a company is a group of people working together to create what humanity needs. Work is what we do within the entity of the company.

• With the continuous refinement of social division of labor and the accumulation of knowledge, intelligent humans have discovered that when we organize together, we can achieve higher efficiency and create wealth faster and in greater quantities.
  Nobel laureate and father of new institutional economics Ronald Coase said that through deepening division of labor, specialized cooperation, implementing profit incentives, and loss punishment mechanisms, organizations like companies can achieve higher efficiency and lower transaction costs than individuals, families, and governments.

For the sake of collaboration, companies gradually develop division of labor and hierarchy, but this blurs the essence of work. We do not work for the company, for the boss, for superiors, or for colleagues; ultimately, we work for some need of the users.
The essence of work is to create value for customers, thereby obtaining wealth. After a company gains wealth, it distributes that wealth. This is also the value contribution that many companies advocate for bonus matching.
This concept can transform the mindset of workers who merely clock in and out, thinking they are just selling eight hours of time to the company, which is not conducive to their growth or the company's development in the long run. Of course, this mindset may also stem from issues in corporate culture, such as unfairness.

In an interview, when Musk was asked to give young people some advice, he said: "Try to do something useful, something that is beneficial to your fellow humans and the world. Always think about whether your contributions exceed what you consume. Strive to make a positive contribution to society; I believe that is the goal."#

The essence of work is creation.

• Focusing on salary or creation can lead to vastly different outcomes.
  As someone who used to receive a salary and now pays salaries, I want to share my understanding of salary.
  If we see all company owners as a whole, if what we create meets a certain need of the users, we will receive matching commercial income. But if this income is insufficient to pay all employees' salaries, then the company might as well shut down.

• As a manager of a company, a very important management goal is to ensure that those who create value receive income that matches the value they create.
  Of course, this is difficult. Many values do not manifest clearly in the short term. But in the long run, the world is fair.
  If an employee who creates value for users does not receive a corresponding salary, they will vote with their feet; if a boss cannot distinguish between rewards and punishments, their business is destined to be eliminated by the market.
  Satya Nadella, the CEO who pulled Microsoft out of the mire and back to its peak, said:
  "The human resources system is efficient in the long run but inefficient in the short run. In other words, over time, your outstanding work will eventually be rewarded."

The essence behind money is wealth.
Wealth is what people truly need.
Companies are organizational forms created to accumulate collective knowledge and improve collaborative efficiency.
Companies earn income through the market by creating what people truly need, which is money.
Then, companies distribute this money to the factors that created this value.
What factors are involved in creating value? Simply put, shareholders provide capital, and employees provide knowledge and labor.

The essence of money is a medium of exchange; what you truly expect is the things it can be exchanged for. Inflation in modern society will reduce the number of products and services that this medium can be exchanged for.
Another option is investment.
At this point, you might want to close your eyes and think:
Just as wealth lies behind money and creation lies behind work, what lies behind investment?

Work is also an investment.
On one hand, we create what others need within the entity of the company and receive corresponding income (salary, options);
On the other hand, we can view work as an opportunity to invest in ourselves. In the process of working, we accumulate vision, knowledge, abilities, character, connections, and reputation...

When your focus shifts from money back to what truly matters, money will find you.
During the Q&A session of the 2022 Berkshire Hathaway shareholder meeting, an audience member asked Buffett:
"If you could only choose one stock to combat high inflation, what would it be? Why?"
Buffett's answer was:
"The best thing you can do is to be exceptionally good at something. Regardless of economic benefits, people will give you some of the things they produce in exchange for what you can provide or your skills. The best investment is to invest in yourself, do what you are good at, and become a useful person to society, so you don't have to worry about money depreciating due to high inflation."

In "Money, Work, Investment," I wrote that the essence of trading is the exchange of abilities. The essence of trading as an anti-inflation tool is actually your own talent and ability. If you excel in a certain area, you will always find people who need that ability to exchange for some value. Money may be eroded by inflation, but your talent will not.
The valuation of a business is the discounted future cash flows.
Isn't that quite similar? From this perspective, we ourselves are also an asset. I really like this perspective.
This also connects some of my recent thoughts that seemed unrelated, and I hope it inspires and helps you.
First, let's talk about how viewing ourselves as an asset affects our investments.
(1) The stage of growth and education;
(2) The stage of working throughout life;
(3) The retirement stage.
The stage of growth and education is undoubtedly very important, as it largely determines who we are and provides us with the ability to earn income in the subsequent working stage.
This ability, which is the human capital mentioned earlier, is monetized as the present value of a person's expected future income.
According to data in the paper, the level of education a person receives is highly correlated with the present value of their earning ability. This is clearly common sense; just look at the emphasis and investment that people place on education.
Earning income through salary or other means.
The money earned usually has several destinations:
First, to meet basic needs. For example, food, rent, commuting, etc. This can be seen as the operating cost of our own stock.

• Secondly, to invest in ourselves and enhance our abilities. For example, buying books, attending classes, visiting exhibitions, making friends, and acquiring new knowledge. This can be seen as reinvesting in our own stock, which is what Buffett referred to as "the best investment is to invest in yourself." After all, the cash flow we can release in the future always depends on the talents we possess.
  When we enter the retirement stage of life, human capital is almost exhausted (of course, there will be some industries that become more valuable as one ages). Our wealth usually consists of a small amount of human capital (such as pensions) and a large amount of previously accumulated financial capital.
  In the remaining years, we will mainly consume this financial capital, leaving the rest for the next generation or returning it to society.

More importantly, the lessons, feelings, and insights gained from investments in youth will become a part of us. When we convert more human capital into financial capital in the future, we can avoid greater mistakes.#

Typically, when we talk to users about asset allocation, we only consider the allocation of financial assets.
If we take human capital into account, might we discover more?

Because having relatively secure human capital assets means that young people can invest more financial assets in higher-risk assets, such as stocks, compared to older individuals, and may even include a small amount of leverage and debt.
Often, the concept of a circle of competence leads to investing in many stocks related to one's industry. If we consider human capital, shouldn't we invest in industries that are completely unrelated to ourselves?
When we enter the retirement stage of life, human capital is almost exhausted (of course, there will be some industries that become more valuable as one ages). Our wealth usually consists of a small amount of human capital (such as pensions) and a large amount of previously accumulated financial capital.
In the remaining years, we will mainly consume this financial capital, leaving the rest for the next generation or returning it to society.
Human capital refers to the present value of a person's future labor income, representing the total value a person can "monetize" through their labor over their lifetime.
If we treat ourselves as an asset, how should we improve the return on this asset? To put it simply, how can we earn more money?
Money is not equal to wealth. What we want to obtain is the wealth created by human society, which consists of products and services. Money is merely a medium for transactions.
Naval said: "Money is our way of transferring wealth."
Behind money are products, services, and unmet needs.
Naval believes that to make money in society, you must provide something that society needs but cannot obtain, and then allow as many people as possible to enjoy your creation. To summarize in four words: create, sell.
First, let's talk about creation.
Jeff Bezos once said: "Customers are never satisfied."
In fact, humanity's eternal pursuit of a better life is also the fundamental driving force behind economic development.
Sales correspond to scaling. When you create products and services, you certainly hope to have as many people as possible use them. The more people use them, the greater the value created, and the greater the benefits you can reap.
Software can be sold on a large scale, with almost zero marginal costs, making it easy to achieve extremely high gross margins.
Naval further breaks down the income we earn through our labor into three factors: expertise, responsibility, and leverage.
First, let's talk about expertise.
Everyone's genes and upbringing are different, so we all develop our own unique expertise.
Naval believes that clear responsibility allocation is very important. Without responsibility, there is no motivation. Without responsibility, credibility cannot be established.
In the past, if a ship was sinking, the captain was the last person to leave the ship; in investments, if a company goes bankrupt, shareholders can only receive compensation after creditors take their money; treating oneself as an asset is no exception.
Taking on responsibility and risk may manifest as: converting part of your salary into company equity; publicly expressing your opinions and views; proactively taking on riskier jobs; starting your own business...
Intelligent humans have learned to trust each other, cooperate, and leverage capital throughout a long evolutionary process, allowing humanity to enter the age of leverage. When the output of people's labor maximizes the leverage effect, it also brings about explosive growth in human wealth.

• Naval identifies three types of leverage:

• (1) Labor leverage: leading a group of people to complete a task or achieve a goal;

• (2) Capital leverage: using money to expand the influence of your decisions. For example, hiring more people, building more factories, purchasing more raw materials, etc.;

• (3) Software and media: the easiest leverage for ordinary people to access, with almost zero marginal costs.
  In my view, these three types of leverage naturally arise with the development of technology and human systems.

Their sole purpose is to amplify the scale of creation.
Once trust is established, people without blood relations can collaborate to create greater value.

Naval offers several small suggestions about reading that align perfectly with what I want to say:
(1) Start reading books you like until you fall in love with reading;
(2) Read widely; don’t just read books that seem useful;
(3) Rather than reading more books, it is more important to read the 100 good books you have read over and over again; as your experiences increase, you will understand more;
(4) Books that have been passed down for a long time have undergone scrutiny and selection by many generations, and some of their basic principles are more likely to be correct, so go read those books.

Having expertise, taking on responsibility, and utilizing leverage. The rest is left to time and luck. Ultimately, your talent and effort will receive corresponding rewards.
I remember what Buffett said about listing all the things you want to do, then keeping only the five you most want to do, and categorizing the others as a "do not do" list.
After filtering, invest in those without regard for the outcome, believing that results will come unexpectedly.
Create, sell.
Expertise, responsibility, leverage.
Luck.
Regarding how to improve the return on this asset, Naval actually summed it up in these twelve words.
Finally, I want to talk about art.
Art is also creation, but the difference is that the purpose and focus of art are more on the creation itself, driven by love, self-entertainment, and self-appreciation.
If work, entrepreneurship, life, and growth could be like art, where we do these things out of love and enjoyment, we would aim to perfect our work, products, and companies, and making money might become a byproduct.
If we are fortunate enough to achieve this, we can realize what Naval said in the book:
"The best work is the creative expression of lifelong learners in a free market."

When a company grows to a certain stage, many companies choose to go public and enter the secondary market.
This brings us back to the question posed by the friend at the beginning: What value do retail investors in the secondary market contribute?
To answer simply: they provide liquidity.
When a company reaches a certain stage, its operational risks significantly decrease compared to its startup phase, but similarly, the company's growth rate and future growth potential also decline significantly.
For many venture capitalists, this risk-return ratio no longer meets their needs, as they need to find opportunities and ways to exit.

For many venture capitalists, this risk-return ratio no longer meets their needs, as they need to find opportunities and ways to exit.

Providing liquidity when a company lacks it, and helping to price when a company significantly deviates from its intrinsic value (buying, selling, or even shorting), is helping the company and the market provide significant liquidity and pricing value, and you will also gain substantial returns beyond the company's own growth.

Providing liquidity at the market bottom and alleviating stockholder anxiety at the market top leads to excess returns.
Three fund companies provided a formula:

• Investor returns = fund gains + investor behavior gains.
  This aligns with the conclusion often stated by Youzhi Youxing that "investor behavior is the most important reason for losses."
  • Constantly prompting investors to sell old funds and subscribe to new funds;
  • Innovating to cater to user psychology, such as "target profit," to continuously encourage users to buy and sell;
  • Presumptuously timing, switching funds, and trading in segments;
  • Operating based on hearsay;
  • ...
  All of these deplete the wealth created by society. If these behaviors were reduced, the wealth created by enterprises could be better experienced by investors through public fund products.
  This could be a positive-sum game.
  The fundamental logic of financial markets is to compensate for risk with returns. In other words, it is impossible to obtain returns without bearing risks and enduring fluctuations in the long run.
  This gradually brings about a profit-making effect, slowly spreading through media, social circles, and gatherings, attracting new trading groups to enter. As stock prices continue to rise, investors who believe the price exceeds the company's value will gradually sell, often triggering a price drop and ending the rise; however, if new buying groups continuously enter, with more people coming in than leaving, prices will keep rising, forming a positive cycle, and a bull market will emerge.

I recall a book I read last year—"Buffett's Letters to Shareholders: A Guide for Investors and Company Executives (4th Edition)." It is well-known that Buffett and Munger manage Berkshire, a publicly listed conglomerate, and they include letters to investors in their annual reports. This book has reorganized these letters by theme, making it easier to read.
Today, I won't discuss the well-known investment teachings or humorous anecdotes in the book, but rather borrow Buffett's thoughts on shareholder structure and Berkshire's stock price from the book, which may seem a bit unreasonable.
This sounds strange; as a CEO, wouldn't one want their company's stock price to be as high as possible? Why would one want the stock price to trade as close to intrinsic value as possible?
Buffett's answer was: "Both Charlie and I feel uneasy about excessive overvaluation or undervaluation of stock prices. The emergence of these two extremes can lead to results for many shareholders that are completely different from the company's actual operating results."
Just as we analyzed earlier, company price = company value + emotion.
If we can keep the company's stock price as close to its intrinsic value as possible, minimizing the impact of emotions in between, the company's stock price will not oscillate between severe undervaluation and severe overvaluation. In this case, the company's operating results will benefit stockholders who hold shares during the same period. The rewards and punishments that shareholders receive will be essentially equivalent to the company's operating results, rather than the foolish actions of others.
When discussing the goal of shareholder management, Buffett said: "Although our primary goal overall is to maximize our shareholders' interests during their holding period, we also hope to minimize the possibility of some shareholders gaining benefits at the expense of others (i.e., counterparties)."
I am curious about why Buffett has such an obsession. I revisited this book and looked up related shareholder letters. I found three reasons:
• "We only want to work with people we like and respect," and hope that our work can benefit those who appreciate our strategy and share Berkshire's vision;
• Viewing these people as a whole, if the market price aligns with the company's intrinsic value, they will receive the greatest fairness;
• Cherishing the reputation of Berkshire and himself, not wanting shareholder losses to stem from outside the company's operations.
So how can this goal be achieved?
His answer is simple: find and maintain a shareholder group that aligns with his philosophy.
Buffett believes that to achieve this goal, it requires "a long-term, business-oriented shareholder group, rather than a short-term, market-oriented group." Just like running a restaurant, it is impossible to satisfy everyone; instead, the operator should provide a clear menu to attract specific types of customers.
For Buffett and Berkshire, this menu is long-term and business-oriented. All their policies and communications are aimed at attracting investors who align with Buffett's philosophy, focus on the long term, and care about the company's actual operations, while deliberately filtering out those who only focus on stock price fluctuations.
If they can continuously attract this type of investor and keep those with short-term or unrealistic expectations disinterested, ideally, Berkshire's stock can trade at a price that reflects its business value as Buffett hopes.
This book also collects Buffett's thoughts on "IPOs," "buybacks," "why issue B shares, and how to issue them," and you will find that all his actions and decisions are supported by the principle mentioned above.
Buffett and Munger believe: "If we consistently promote our business and shareholder philosophy (without mixing in other contradictory information), we feel that a high-quality shareholder group can be attracted and maintained. Once this self-selection effect occurs, everything will fall into place naturally."
Finally, let's look at the results:
"I believe that 90% or even 95% of the company's stock is held by this high-quality shareholder group, who held our stock five years ago. At the same time, I speculate that the market value of the Berkshire stock held by these investors is at least twice that of their second-largest holding." Moreover, "compared to the end of each year, 98% of the shareholders on Berkshire's list of circulating stocks remain unchanged."
Three
Returning to our market.

We must always maintain an awareness of margin of safety, diversify (across three or four industries, five companies), and ensure that the buying price is reasonable or even cheap.

In the current market environment, if there is a strategy that can help most investors make money, it should be as follows:

• (1) The underlying logic is solid, not merely based on historical data backtesting;

• (2) Based on major asset allocation, primarily broad-based indices, supplemented by sector funds and actively managed funds, while enhancing returns in various ways;

• (3) For every investment made by investors, automatically adjust stock-bond positions based on market sentiment;

• (4) Treat investors' accounts as an asset portfolio, dynamically adjusting based on market temperature and style, ensuring the entire account maintains the best risk-return ratio;

• (5) White-box, transparent. Inform investors of the risks they face, possible operations, and costs incurred;

• (6) Continuously reduce investment costs; saving is earning;

• (7) Maintain learning, continuously iterate and evolve, ultimately reflecting these research results in strategies and investors' accounts;

• (8) Most importantly, focus more on the actual returns investors receive rather than the returns of the strategy itself.
  Of course, such a strategy cannot guarantee making money at all times. But I believe it can help investors achieve their deserved returns while outperforming the market average and the vast majority of people, all while bearing as little cost and risk as possible.
  More importantly, it can help everyone let go of anxiety in this increasingly uncertain world and leave more time and energy for work, life, family, and oneself.
  Three
  Learning to invest is also difficult.
  On the path of investment, there are many things that confuse or shake us.
  For example, the lack of basic frameworks, common sense, and knowledge leads to a sense of confusion when facing the market and products;
  For example, the overwhelming amount of noisy information in the market every day makes it unclear what is happening and how these events will affect one's investments;
  For example, one often receives various erroneous suggestions, advice, and guidance, as if every suggestion makes sense;
  Not to mention the various stress responses that everyone experiences under extreme greed and panic.
  In fact, everyone is like a tree, naturally carrying the hope to grow—hoping to grow taller, stronger, and more abundant. But it is precisely these things that confuse and shake us that ultimately lead us in the wrong direction.
  I believe that so-called investor education should not be about desperately fertilizing but rather helping investors remove the obstacles to their growth, allowing them to find their suitable direction and fulfill their growth mission.
  In my view, it should be like this:
  (1) Speak in human language, with warmth;
  (2) Include the entire system from entry-level to practical application to advanced stages;
  (3) Provide both framework knowledge, such as courses, and fragmented information that changes with the market;
  (4) Be highly aligned with the investment strategies above, helping investors deepen their understanding of investment;
  (5) Composed of various media, including text, podcasts, comics, cards, videos, physical books, etc.;
  (6) Appear in front of investors in the most sincere way when they need it most.
  Haruki Murakami said: "When you pass through the storm, you are no longer the person you once were."
  A good investor education content system is like this.
  It can silently accompany and even lead investors through the bull and bear markets. Looking back afterward, you will find that those seemingly profound principles, the knowledge in books, the content that seems to be forgotten after reading, and the feelings of greed or fear that fluctuate with the market have ultimately become a part of us.
  Investment is about making more money. This is certainly true, but upon further reflection, we will find that for ordinary investors, what we ultimately hope for is to have more money to solve the problems in our lives and live the life we want.
  To achieve financial goals, we have three sources: existing savings, future income, and potential investment returns.
  Understanding the family's asset-liability situation, knowing the current savings amount and estimating future income and expenses, and deriving the annual surplus amount will help allocate different funds to different financial goals reasonably. For example, goals that need to be achieved in a long time can mainly rely on future income and investment returns, while goals that need to be achieved soon and involve higher amounts may require more existing savings.
  For example, if you plan to change houses in three years, you will mainly rely on savings to achieve that, and investments should be more stable. However, if it is for retirement money that will be used in ten years, then in financial planning, one cannot only focus on the investment part but also needs to avoid certain risks. Some risks may have a low probability of occurrence but severe consequences and cannot yield returns, such as traffic accidents or hospitalization due to illness, which are better addressed with insurance rather than investment.

Investment is for a better life. The most important thing is not to buy the product with the highest yield or a specific wealth figure, but to learn how to use different product combinations to plan for each important life goal, enhancing the sense of control over wealth.
Hello, I particularly want to recommend this small booklet to you. Its name comes from a similarly titled article by Meng Yan.
The article was written on March 20, 2022, during a week when the market set historical records and experienced massive fluctuations.
Meng Yan recorded what he learned during that time in the market, the things felt in failure, pain, and confusion, as a summary of a phase. Essentially, this small booklet discusses the same matters.

1. Stand on the side of time;
2. Market prices contain a lot of information, of which I only know a small part;
3. Do a good job of major asset allocation and diversify holdings;
4. Use broad-based indices as the starting point and core position;
5. Short-term timing is ineffective, while long-term contrarian investing is feasible;
6. Based on broad indices, expand based on your circle of competence;
7. Use position limits and accumulation rhythms to protect yourself;
8. Long-term reasonable expected returns are 8% to 12%;
9. Plan your trades, trade your plans;
10. Treat information correctly;
11. Investment is the realization of cognition;
12. Investment philosophy needs to match our values;
13. Investment is to make life better, not to make oneself more anxious;
14. Investment returns fundamentally come from human economic growth;
15. "I" becoming smaller is the beginning of investment success.
    Meng Yan's writing has accompanied me through the entire process of systematically learning investment and building my investment system since 2018. For the first five years, every weekend, I would eagerly await the new issue. At that time, I often felt that seeing the article published completed my weekend.
    Later, I established my investment system and clarified what investment meant for my life. I did more and more things and wrote down more and more narratives and records. What I learned from Youzhi Youxing and Meng Yan, I seem to have gradually shared with more people.
    Thanks to WeChat for publishing this collection, I flipped through it while rereading, and I revisited the comments section in the public account, where I found many feelings and was occasionally moved by my own interactions with others beneath the articles, smiling to myself. I began to note down some new feelings about this period in my life.
    I am grateful for these investments, which I first understood, then experienced, and ultimately slowly believed in. They have transformed me into a different person.
    I hope it helps you too.