94-year-old stock god Warren Buffett has confirmed that he will step down as CEO of Berkshire Hathaway by the end of this year. The 10 phrases he has left throughout his life are the Bible of the investment world and a lighthouse for ordinary people on the path to wisdom:

1. The best investment in life is investing in yourself.

Core Insight: The compounding of knowledge, health, and character is the highest, and it is tax-free and loss-free. First, increase your own value, then discuss external assets.

2. Rule One: Don’t lose principal; Rule Two: Always remember Rule One.

Core Insight: Protecting the bottom line is more important than anything else. Whether in investments or life, keep risks at bay so that other goals have a chance to be realized.

3. When others are greedy, I am fearful; when others are fearful, I am greedy.

Core Insight: To go against human nature is to go against the cycle. In the emotional tsunami, rational individuals can find value in the troughs and avoid traps during the festivities.

4. The stock market transfers money from impatient people to patient people.

Core Insight: Frequent trading often just pays a tax on emotions. Waiting quietly for value to materialize often leads to silent accumulation of returns.

5. Price is what you pay; value is what you get.

Core Insight: Don’t be misled by labels; learn to discern the essence of things. Whether buying stocks, houses, or choosing partners, first ask "Is it worth it?" before discussing "Is it expensive?"

6. Rather than buying an average company at a very low price, it is better to buy an excellent company at a reasonable price.

Core Insight: Excellence appreciates itself, mediocrity only consumes time. The same applies to selecting people and projects—better to be picky than to settle.

7. Risk does not come from volatility, but from ignorance.

Core Insight: The real danger is not understanding. Stick to your circle of competence, keep learning, and gradually turn the unknown into the known, and risk will naturally be controllable.

8. Our favorite holding period is—forever.

Core Insight: Time is the engine of compounding. Only assets, careers, and relationships that you are willing to accompany for the long term deserve your attention.

9. You don’t need to swing every time; patiently wait for the right pitch.

Core Insight: A true expert is not about how quickly they act, but knowing when not to act. Whether in investing, career choices, or life decisions, waiting for the "most appropriate opportunity" is more important than anything else.

10. If you cannot find a way to earn passive income, you will have to stay awake for money.

Core Insight: Let capital or systems work for you.