In 'The Way of Munger', we do not rely on predicting changes in economic cycles; we do not have the ability to make such predictions. Whether encountering favorable or unfavorable conditions during the alternation of cycles, they are all part of long-term investment. We always strive to find the most reasonable investment logic at present, which is of utmost importance.

Information cannot be complete, and humans cannot make absolutely correct decisions.

Smart people refer to limited information to make the most logical decisions; doing this a few more times can lead them to the winning side.