our fundamental attitude as a value investor is that the macro environment exists objectively; we can only accept it, while the micro level is where we can make a difference. The world exists objectively and does not change due to our desires, imaginations, or subjective judgments. In investing, we must take the world as it is, not what we wish it... See more

Thus, Mr. Munger summarized the fifth principle: investing is like fishing; you must fish where the fish are. He says there are two rules to fishing: the first is to fish where the fish are , and the second rule is to never forget the first rule.

I have been obsessively thinking and researching the phenomenon of modernization for over forty years . I have come to realize that what each country has experienced over the past few centuries is not a unique phenomenon but part of a broader paradigm shift in human civilization . This shift is not influenced by any country, individual, or small... See more

V alue investing, no matter where it is practiced, must be closely tied to the era we live in. While value investing emphasizes bottom -up fundamental analysis, the companies we invest in exist in a specific era and are inevitably influenced by various macro factors. Thus, we cannot escape the times we live in

In transitioning from an agricultural to a modern science-technological economy, governments worldwide have evolved from command-and-control roles to collaborative, consultative, supportive, and service -oriented roles. This transformation aligns with the scale and complexity of modern economic systems.

Let me repeat these six basic principles of value investing: 1. A stock is not just a tradable piece of paper; it represents part ownership of a company. 2. Mr. Market is here to serve value investors, not guide. 3. Investments must have sufficient margin of safety. 4. Investors should have a clear circle of competence. 5. Fish where the fish are.... See more

No market is completely efficient because the market is not an abstract concept but composed of many individuals

n my book, Civilization, Modernization, Value Investing and China , I divide the evolution of civilization into three stages: 1.0 (hunter -gatherer civilization), 2.0 (agricultural civilization), and 3.0 (modern science-technological civilization). The transitional phase between stages 2.0 and 3.0, which I call stage 2.5, is where China currently... See more

The essence of wealth is for consumption. The total size of an economy ultimately comes down to its total production or consumption. Thus, wealth is the proportion of your purchasing power within the entire economy. In the agricultural era, unit economic output barely grew, and there was a "ceiling" on the total economic size. Under such... See more