Munger's 9 Investment Maxims, worth pondering for every brother:

1. Making big money does not rely on trading, but on waiting.

2. There are three ways to go bankrupt: alcoholism, lust, and gambling.

3. If you cannot accept a 50% drawdown, you are destined to accept mediocre investment performance.

4. Buying great companies at a fair price is far better than buying mediocre companies at a cheap price.

5. Always remind yourself that the long-term returns from avoiding foolish actions far exceed the returns from clever tricks.

6. The thing I most want to know is where I will die, and then resolutely avoid going there.

7. It takes enormous courage to stay in cash. I did not achieve today's success by chasing mediocre opportunities.

8. Maintain contrarian thinking, and look at problems from a different perspective.

9. Becoming wealthy is like rolling a snowball; the best strategy is to stand on a long snow path and keep rolling for a long time.

#透明契约LUCiC I have been shouting for more than half a year, has anyone caught on?