Reading Journal

Initially, we were Graham believers, and we achieved some success through this method. But over time, our investment eye became sharper. Breaking Graham’s Limitations We found that some stocks, even though their price is two or three times their book value, are still very cheap. This is because these companies possess unique market positions and hold the potential for sustained growth. Perhaps a specific company manager is exceptional, or the entire management system is outstanding. By breaking through Graham’s limitations and employing some quantitative methods—which might make Graham uneasy—to find undervalued stocks, we began focusing on higher-quality enterprises. ...

Reflection on Consumption and Demand If you analyze many consumptions closely, they are actually about enjoying the feeling of buying and owning at that moment. “Demand” is imagined. Ladies, do you really need so many shoes, so many clothes? Gentlemen, do you really need so many electronic devices? Take a close look—how many things in your home haven’t been touched in over a decade? ...

Although this book enjoys great acclaim in the literary world, from a personal perspective, I haven’t felt a strong emotional resonance with The Old Man and the Sea. My initial feeling is that the story of this book doesn’t deeply move me. In my view, the actions of the old man, Santiago, are reckless and irrational. His persistence and never-give-up spirit, conversely, actually make me feel a sense of aversion. I believe that his irrational battle with the large fish, ignoring potential risks and failures, and failing to stop the adventure in time, is flawed from the perspective of economics and rational decision-making. His sunk cost is too high, and even when there is nothing left to gain, he still insists until the very end. ...

After you stop working your 9 to 5, your money can keep working for you. 停下你的朝九晚五工作后，你的钱可以继续为你工作。 Conclusion: The Just Keep Buying Rules Highlight(yellow) - Page 281 · Location 4366 Saving is for the Poor, Investing is for the Rich Find where you are in your financial journey before deciding where to focus your time and energy. If your expected savings are greater than your expected investment income, focus on savings; otherwise focus on investing. If they are similar, focus on both. (Ch. 1) ...

First, figure out how much you expect to comfortably save in the next year. Next, determine how much you expect your investments to grow in the next year. Finally, compare the two numbers. Which is higher, your expected savings or your expected investment growth? If your expected savings are higher, then you need to focus more on saving money and adding to your investments. However, if your expected investment growth is higher, then spend more time thinking about how to invest what you already have. If the numbers are close to each other, then you should spend time on both.

It doesn’t matter what position you find yourself in right now. What matters is whether you improve your position today. 你现在处境并不重要。重要的是你今天是否改善了处境。 Enemy of Clear Thinking Never forget that your unconscious is smarter than you, faster than you, and more powerful than you. It may even control you. You will never know all of its secrets. 永远不要忘记，你的潜意识比你更聪明，比你更快，比你更强大。它甚至可能控制你。你永远不会知道它的所有秘密。 ...

Parents teach us how to speak in a year. But we must spend a lifetime learning how to be silent. When you try to use language to impress others, the more you speak, the more mediocre you appear, and the more mistakes you make. This is roughly the meaning of “language carries Zen insight”: the less one speaks, the more unknown there is, and humans are naturally fearful of the unknown.

Everyone is like Wu Dalang; when running a business, they dislike having staff who are taller than them. Like Liu Bang, there are too few people capable of being managed who are superior to oneself, so you won’t encounter them. Since the vast majority of leaders are Wu Dalang, when you showcase your abilities, you risk making them wary of you.

A person’s behavioral habits are often long-term cultivated, reflecting their internal values and beliefs. If a person treats the people around them with friendliness, respect, and kindness, they are also more likely to be friendly to you. Conversely, if a person treats the people around them with indifference, selfishness, and impoliteness, they are also more likely to be indifferent, selfish, and impolite to you.

Do not affect the interests of the elite, nor should you affect the beliefs of the masses. Affecting the elite’s interests is like taking their life; affecting the masses’ beliefs is like digging up their ancestral grave, and the masses’ beliefs are precisely the source of the elite’s interests.

Habits are the compound interest of self-improvement. Just as money multiplies through compound interest, the effects of your habits multiply as you repeat them. They may seem to make little difference on any given day, yet the impact they deliver over the months and years can be enormous. 1: The Surprising Power of Atomic Habits People make a few small changes, fail to see a tangible result, and decide to stop. You think, “I’ve been running every day for a month, so why can’t I see any change in my body?” Once this kind of thinking takes over, it’s easy to let good habits fall by the wayside. But in order to make a meaningful difference, habits need to persist long enough to break through this plateau—what I call the Plateau of Latent Potential. qPeople make a few small changes, fail to see a tangible result, and decide to stop. You think, “I’ve been running every day for a month, so why can’t I see any change in my body?” Once this kind of thinking takes over, it’s easy to let good habits fall by the wayside. But in order to make a meaningful difference, habits need to persist long enough to break through this plateau—what I call the Plateau of Latent Potential. ...

The True Enemy of Success The enemy of success is not failure, but dullness and lack of interest. Therefore, we must make it interesting. The Key to Product Development It is the same when building a product; you must have people using it, interacting with it, and providing feedback right from the start. Otherwise, it will be difficult to sustain. You must have seed users from the beginning, and a group of people anticipating it throughout the development process.

1 - Understanding human nature People are, above all, interested in themselves. Yup. Sorry. No matter who you are people will always be a thousand times more interested in themselves than in you. No judgment here. People’s actions are governed by self-interest. In every human relationship, your counterpart will always think or ask themselves “what’s in it for me?” Remember this question “What’s in it for me?” By the way, you’re asking this question in all your interactions too, consciously or subconsciously. ...

The largest financial institutions are set up to make a profit for themselves, not their clients. What do I really want? (Vision.) 2. What is important about it? (Values.) 3. How will I get it? (Methods.) 4. What is preventing me from having it? (Obstacles.) 5. How will I know I am successful? (Measurements.) Money is certainly one of the ways we can turn the dreams we have into the reality we live. ...

The outcome of merely “studying” without “applying” (which is the reality for most Chinese students) is that after more than a decade, they are still studying and still lack practical use (which is the reality for most Chinese students). The reason for “studying a lifetime” yet insisting on “never using it a lifetime” is the fear of making mistakes. When children make mistakes, they often face punishment. After adulthood, even without punishment from others, making mistakes can lead to self-inferiority and embarrassment. Therefore, many people avoid errors “at all costs.” However, you must know that the process of acquiring knowledge cannot be separated from trial and error. Without trial and error, comprehensive and genuine progress is impossible. So, you must know that making mistakes is normal, even indispensable. When doing things, making mistakes is inevitable. If you are doing something and there are absolutely no mistakes, then you are not doing something—you are dreaming. ...

1. Do consumers recognize that they have the problem you are trying to solve? 2. If there was a solution, would they buy it? 3. Would they buy it from us? 4. Can we build a solution for that problem?" The common tendency of product development is to skip straight to the fourth question and build a solution before confirming that customers have the problem.

Pursue wealth, not money or status. Wealth refers to assets that continue to earn money for you while you sleep. Money is the way we convert time into wealth. Status is the position you hold in the social hierarchy. Note - Location 321 Social status is a zero-sum game. Relying on renting out time is impossible to get rich. You must own equity (a part of the company) to achieve financial freedom. ...

1 Almost everyone has the qualifications and ability for dollar-cost averaging. Highlight(yellow) - Location 135 The dollar-cost averaging strategy includes the following key points: What exactly is the asset? How long is the long term? How long is the regular interval? What is the minimum amount invested each time? 2 The securities trading market is the ninth great wonder of the world. Highlight(yellow) - Location 197 People always think that “choosing stocks” is a very difficult thing—but actually, it’s not difficult at all! Because that so-called “difficulty” is entirely caused by habitual thinking. In reality, it is merely the result of people being unwilling or afraid to use the simplest, most direct, and most effective method. This method is so simple, so unbelievably simple: simply choose the stocks that everyone in the market favors the most. ...

00.20160729 Three Iron Laws of Time Selling ★ Highlight(blue) - Location 163 The Three Iron Laws of Time Selling: Growth is the fundamental key, prioritize value over valuation, and patience is more important than anything else. Highlight(blue) - Location 167 What is called personal financial freedom means that a person no longer needs to sell their time just to meet basic living necessities. Highlight(orange) - Location 203 There is only one standard for selection: Can what I choose help me accumulate more ability? ...

Avoid getting caught in the cycle of explaining, threatening, and personal attacks. Step One Calming Your Own Emotions. When we feel an urge to attack the other person internally, we need to try our best to suppress it. For example, we can achieve this through several methods mentioned in the story: Correcting misjudgments of the facts; Distracting yourself through deep breathing; Or simply restraining the fist you want to throw; Or any other method that might be effective. During communication with others, every time you feel this urge reignite internally, you must review this step in your mind. Completing this step only takes a few seconds, making it perhaps the most difficult and most important step. If you don’t have the urge to attack the other person, that is naturally better. You can then proceed directly to the next step. ...