Investors fall into two categories: merchants and traders, where “shang” and “gu” are not the same.

A volatile player—what we commonly call a merchant (商)—is hard to align with you, because they have no tangible assets tied to you and therefore no interest tied to your success. But a shopkeeper (贾), someone with a physical store, often shares your market’s fate. When you do well, they do well; that’s the only way everyone wins. So who truly loves you? The one who invests in you—that’s a 贾.

Having fixed assets breeds fixed commitment. That’s the idea.

Investing and trading are two different things.

Investing doesn’t require skill—it requires conviction. Or, more accurately, idealism. Don’t ask what your ideals can give you; ask what you can give your ideals. Those who hold ideals are long-term investors.