The clearest interpretation of the investment philosophy of always seeking bets on mispricing — price is my due diligence. Price is what you pay; value is what you get. It doesn't take long for everyone to learn how to make money, but learning how to preserve wealth takes a lifetime. To avoid "reverse compounding," maintain a certain margin of safety when investing — this is of utmost importance. Conditions for profit: 1 is cheapness, 2 is volatility. Prices always fluctuate around value. Do not deviate from intrinsic value, and do not fluctuate without value. If the cost and return of any trade are too close, do not act lightly. Abandon inefficient moderate-yield investments. Always strive to find bets on mispricing. Do not fall in love with a company, but love its price. Stocks are not the problem; people are the problem. #价值#Value Investing#价格 $LUNC $WIN $SUPE