When young, the most important thing isn’t making money – it’s accelerating your personal growth.

On the contrary, when you get old, stop messing around.

The core essence of value investing is telling you: stop折腾. You already have enough money, and you already have your stronghold. In your stronghold, you are the expert, so guard it well, hedge your risks, maintain your liquidity, and ensure your capital chain never breaks. Then you are the king of Liangshan.

This is what value investing is. Once you enter the mature phase, the most important thing is that you cannot afford any more mistakes—not a single one, understand?

If you want to be valuable, then once you reach the mature phase, you need absolute stability. You can't slip up even once. You need to leave behind an absolutely reliable track record.

Before that, before you become a renowned doctor, make every possible mistake you can. Once you've made them, you gain experience, your hands stay steady, your mind stays calm, and you become a renowned doctor.

A woman, when choosing a husband, doesn't want to be someone's first, she wants to be his last. What does she hope for? She hopes all the immature traits on that boy have been cultivated away by his ex-girlfriends. By the time that boy matures into a man, he becomes her husband.

Patients are the same, and the market is the same. They all want this doctor to have been forged into an expert by countless lives, and then they go find that mature renowned doctor.

For retail investors, frequent trading is a big taboo. Because you're inferior in every way—less capital, less information, less skill, less mentality, less proficiency. Under these conditions, hiding your weaknesses is the key to winning. The more you expose yourself, the sooner you'll get eliminated.

What's the best strategy in a game of individual versus casino? It's only to gamble once. If you only gamble once, then everyone's luck is equal. The more you gamble, the closer you get to the average of the algorithm. This is the theoretical basis for "the longer you gamble, the more you lose."

In investing, it's correct for retail investors to pursue long-term holding and minimize trading frequency.

But they ignore their capital and the stage they're in.

When you're young, you have little capital accumulated. Winning won't make you rich, and losing won't make you poor. For young people at that time, making money is meaningless. The only meaningful thing is understanding and building experience.

If something is something you must do for a lifetime, something you'll be forced to repeat over and over, then getting familiar with it early is better than late, and actively getting familiar with it is better than being forced to.

What's the cost that young people can afford to pay? It's time. More precisely, it's effectively utilizing time, using shorter iteration cycles to leverage time. The older you get, the more expensive time becomes. Is it possible to go do something you're not familiar with? Not possible.

The saying "a person over thirty shouldn't learn a new craft" doesn't mean an old person loses their ability to learn. It means that as you age, time becomes increasingly expensive, so expensive that you can't switch tracks at all. If you become cheaper as you get older, then the only conclusion is that you made all the wrong moves in the early game of life.

Having money, you'd definitely invest in your own business. Apple buys back its own stock because no one understands themselves better than they do. As a businessperson, if you're bullish on your own business, then that's the most worthwhile place to add investment.