To be successful in investing, don't betray time》

Humans always fall into "action hunger" when facing difficulties - the anxiety during the window period drives people to make ineffective actions. This instinctive reaction has evolved into a fatal cognitive trap in the investment field.

When investors encounter market value fluctuations, the amygdala in the brain will release wrong signals, distorting the normal price curve into a "problem" that needs to be solved. This conditioned reflex is just like the delusion of using a scalpel to correct the electrocardiogram, which is actually reducing the time dimension to a space problem. Warren Buffett revealed in his 1987 letter to shareholders: "Time is a friend of good business, but a judge of bad business." Those stock price fluctuations that were misdiagnosed as "problems" are essentially the breathing frequency of the capital market.

The underlying logic of value growth follows the principle of quantum leap: 70% of the time is in the energy accumulation period, and the real qualitative change often breaks out in the 30% instant window. Peter Lynch's "Ten-year Ten-fold Stock" study shows that if the best 30 months during the period are excluded, the yield will plummet by 92%. This nonlinear characteristic requires an anti-human strategic determination.

Cognitive time difference creates wealth gap. When mass investors use microscopes to observe minute lines, real value hunters are using astronomical telescopes to observe business cycles. The "three-year rule" proposed by Philip Fisher in "How to Choose Growth Stocks" is the best vaccine against time rebellion. When most people are addicted to the Brownian motion of technical analysis, a few sober people are continuously depositing patient compound interest in the time bank.

Value growth requires two necessary conditions: cognitive penetration and time compound interest effect. The former determines whether real gold can be identified, and the latter tests whether it can pass through the furnace. As Charlie Munger said: "The macro is what we must accept, and the micro is what we can do." The real art of investment lies in distinguishing what needs to be done and what needs to be left undone - this is precisely the most generous option that time gives to the wise.

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