This book carefully compiles his original content published from 2006 to April 2025, based on the principle of authenticity and verifiability, and systematically organizes the wisdom of Mr. Duan Yongping over the past 20 years within a framework of thought. For readers, it is a rare treasure trove of ideas.

1. Knowing the extent of your capability circle is often much more important than how big your circle can actually be!

2. I always assume that the market is very smart in most cases, unless I find that the market is indeed wrong.

3. Mistakes are inevitable, but staying within your capability circle and focusing and working hard can significantly reduce the chances of making mistakes.

4. My understanding of investment can be summarized as: buying stocks is buying companies, and buying companies is buying the discounted future cash flows of the company, period!

5. It is very hard for someone who does not have Buffett in their heart to believe in Buffett, and it is useless to say anything.

6. Risk is the primary consideration in deciding whether to invest.

7. Investment should be made with idle money; otherwise, it becomes speculation.

8. The risk of value investing should not be greater than that of driving out, and the risk of speculation is not smaller than going to a casino.

9. The fundamental skill of investing is actually understanding businesses and companies, nothing more.

10. In the long run, genuine value investing is indeed a bit difficult; it is hard to lose money.

11. Speculation is a zero-sum game, while investment is about the profits brought by businesses.

12. Speculation is an exciting game, and I suggest that those who like to play should act within their means. Investment is a happy thing, and investors can slowly enjoy the process.

13. For those who say the stock market is a casino, it indeed is a casino!

14. In fact, I also do not wish to become rich slowly; I just do not know how to become rich quickly.

15. People will ultimately become themselves; People never learn.

16. Having seen the great way, one will not take the small path.

17. Simply shouting about value investing does not make one a value investor; a true value investor believes in value deep down.

18. Knowing is not easy, and acting is not easy either. In fact, knowing what is right is not easy, and doing the right thing is not easy. Those who think knowing is easy and acting is hard may not have fully understood.

19. A 'calm mind' can help a person find the essence of things.

20. Doing the right thing means, if you are wrong, correct it; the cost of correcting immediately is the smallest.

21. Value investing might be a good way to ensure longevity.

22. In investing, it is impossible to find sufficient conditions; even necessary conditions are hard to find.

23. Anyone can invest as long as you understand what you are buying and where the value lies.

24. Pretending to be able to swim is very dangerous, and pretending to be able to invest is the same.

25. The most dangerous days for trading stocks are Monday, followed by Friday, Thursday, Tuesday, and Wednesday.

26. The most important motivation for investing is to preserve value and maintain purchasing power. Everything else is incidental.

27. In fact, every company will ultimately become what it is meant to be, and so will its stock price. There are no long-term inexplicable stock prices, though there may be short-term ones.

28. In fact, it is worth being happy when a company you really understand declines significantly, unless you actually do not understand it.

29. I do not oppose the market; I just try not to pay attention to it.

30. If you only focus on the essence of things, a calm mind will naturally be there.

31. Investment does not require courage; in other words, when you need courage, you are in danger.

32. Understanding the market is an impossible task.

33. Over the past decade, I have truly understood two companies: Apple and Moutai.

34. Schools do not teach how to invest because those who really understand investing find it hard to teach in schools; otherwise, investment masters would be professors.

35. Regardless of educational background, a person will always understand something, and what you understand may help you discover opportunities one day.

36. The general rule of investment is: the more you act, the less you earn, or the more you lose.

37. In fact, my greatest wealth consists of the mistakes I have made, and so does Buffett's.

38. Stocks are 'priced' by each buyer individually; you can only buy when you think it's cheap, which is actually unrelated to the market (others).

39. Do not pay attention to the market; you will never understand what the madman is thinking.

40. A rich imagination is generally not a bad thing, but it may not be good for investing.

Stay on the right path, correct the fruit, this is the way of the great way. Only after seeing the 'great way' can one avoid taking detours.

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