Value investors do not participate in the market game. Such investors aim to create value in consumer products and the circulation of goods alongside outstanding companies.

Market trading, on the other hand, automatically establishes opponents in transactions, where the final outcome of the game may only have a 50% chance of winning. You may be stronger than others, but in reality, even a 50% win rate may not be achieved.

The main reason is that, besides the two parties in the transaction being opponents, there are several other formidable factors beyond your control, such as transaction costs and short-term macro policies and economic fluctuations that can dramatically impact the broader environment, as well as short-term volatility in fundamentals. From this perspective, there are entities outside the market that are more powerful and are also keenly affecting the fluctuations in trading conditions.

Therefore, our strategy is to completely avoid participating in this game. Instead, we maintain a long-term stable connection with the best enterprises through market transactions, continuously collecting dividends that can grow. The primary reason that the general public finds it difficult to sustain profits in the long term is that they know they cannot win yet still stubbornly enter the game.