In investing, most of the time, you need to suppress the feeling of boredom, and only a small portion of the time requires courage.

The roughly reasonable ratio of courage to enduring boredom is 5% to 95%. For 95% of the time, you can suppress the feeling of boredom and cultivate your strength, so when opportunities arise in that 5% of the time, you can muster the courage to act decisively. When others have the courage, you should also have the courage to fight hard; otherwise, it’s not a good strategy and can easily lead to mutual destruction. When others are crying for help, you have the courage to act, which greatly increases your chances of success.

When there is a contradiction between choosing to endure boredom and choosing courage, the default is to choose patience and endure boredom.

Even if you choose courage, it should be done in stages, continuously gathering valuable information in the process to fine-tune your strategy and pace of action.

If you only choose courage without obtaining any on-the-ground information to adjust your thinking model, you are just a mindless clown.

The reason for choosing to endure boredom is that for most of the time, you do not have any informational advantage or winning odds; acting blindly only increases your losses.

In practical terms, you can also score your feeling of boredom weekly, and if it does not exceed a certain threshold, you strictly refrain from action. This makes management easier and can save a lot of energy in the long run.