Investing is not a sprint of bursts, nor is it a marathon of endurance, but a climb. The rock wall is towering and the footholds are sparse; the key is not to climb faster than others, but to ensure each step is stable and each grip is secure. A misstep can lead to a fall back to the bottom, ruining years of accumulation in an instant. This is not only a technical skill but also a contest of temperament and wisdom.
The first lesson in rock climbing is to learn to respect it. The same goes for investing. The market is like a rock wall, seemingly calm on the surface but hiding cracks beneath. Beginners often think that speed is good, chasing trends and betting on fads, fantasizing about making a leap to the top. But in reality, rushing to succeed often leads to slips and falls. True climbers understand that speed does not equal success; steadiness is the way to survive. With every foothold chosen, one must repeatedly confirm: How is this company's fundamentals? Is the industry trend sustainable? Where are the risks? Only by firmly establishing a foothold can one confidently climb higher.
What’s even more brutal is that this investment climb has no end. Unless you choose to retire, the rock wall continues to extend forever. A major mistake—leveraged liquidation, blindly following the crowd, ignoring black swans—can cause you to fall from great heights back to the starting point. This is why I say that being deceived and going bankrupt should happen early. Falling a few times when young, with pain etched into your memory, forces you to learn to discern traps and hone your strategies. Just like beginners in rock climbing need to fall a few times from low heights to understand how to allocate their strength and choose their routes. Both life and investing grow through trial and error.
But steadiness does not mean timidity. Climbing requires calculation and courage. When the market is down, others are fearful; do you have the courage to reach out and seize the opportunity? When the winds of fortune blow, others are greedy; can you calmly turn away? True investment masters are those who can be both steady and decisive on the rock wall. They are not afraid of falling because they have fallen; they do not fear heights because they have climbed.
Therefore, investing is like rock climbing, winning through precision and persistence at every step. Don’t focus on others' heights; manage your own pace. Place your feet well, grip tightly, look up to see the path, and look down to confirm. The rock wall is endless, and climbing never stops. If you fall, get back up.
As long as you don't fall to your death, you will eventually climb higher.
Life is the same.
