The core of investment is development, it is always development

My investment philosophy is to buy excellent companies within my circle of competence at reasonable prices and hold them long-term. I don't need the stock market, I don't need stock prices; the existence of the stock market does not affect my investments. This definition applies to investing in anything, including starting my own business or partnering in a venture.

The core of investment is development, it has always been development. Since the first day of economics, it has been about development. Development continues to this day and will never stop. Only those who live in a fairy tale would believe that development will cease, thinking that past excellent companies will fail tomorrow. Of course, this aligns with their schadenfreude; they believe that if I am not well, then others should not be either. This is an evil thought, but it can never be erased from people's minds.

Development will not stop. In fact, the first day of investment theory should also be about development, including the Graham era. However, the Graham era was a special period; first, people had not yet realized the relationship between the stock market and corporate development, and second, people made special responses during this period. When viewed over a longer time frame, development remains unchanged. $BTC

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