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. …
1. Don't buy a house: if prices surge, there's nothing you can do.
2. Buy a house and manage your mortgage responsibly: if prices plummet, you can control the risk.
Any risk that can be controlled is as good as arbitrage.