When browsing the internet over the weekend, I accidentally came across the following passage:

“Waiting is the hardest part of investing. It is not buying—that is adrenaline, and not selling—that is fear or relief; waiting is sitting beside your decision with nothing to do but wonder if you are right. Every piece of news becomes a test; good news confirms the thesis, bad news challenges it, and in the silence between the two, your own doubts fill the void.”

This passage is beautifully written.

Upon reading it, I immediately thought of the two types of comments that often appear at the end of articles:

Can someone buy now? Has someone sold now?

Such questions are likely encountered by every investor during their investment career, and for those who adhere to a long-term investment philosophy, these questions probably flash through their minds even more frequently.

Buying and selling in investing are merely momentary events. In that moment, whether it is painful or joyful, the feeling does not last long.

But holding and waiting are different. The time that any investor spends waiting after buying an asset and before selling it is relatively long. And during that long waiting time, various challenges arise.

I believe the “good news confirms the thesis” mentioned in the passage leaves less of an impression; rather, it is the “bad news challenges it” that is the most grueling and difficult.

Most investors incur losses or have limited gains in investments probably due to not enduring the “bad news challenges it” and selling their positions early.

Looking back to my early years, I also could not withstand the “bad news challenges it” and suffered many losses in investing, almost never making a profit.

It was only later, after changing my investment style, no longer focusing on the short term and no longer chasing trends, that I slowly emerged from this “curse.”

Later still, when I had the fortune to enter the crypto ecosystem and journey alongside Bitcoin and Ethereum, gradually understanding their value, I became increasingly convinced that steadfastly holding valuable assets was my true investment style. It was through this understanding that I slowly developed the ability to view so-called “bad news” with relative calm whenever confronted with “bad news challenges it” and became immune to those “bad news.”

This gradually acquired immunity to “bad news” would naturally influence my views and handling of investment targets in other fields, enabling me to endure relatively long waiting times and calmly face various so-called “bad news” whenever I invested in worthy assets.

Regarding the “bad news” mentioned above, I feel that there is one particular type that poses the greatest impact and challenge to us retail investors.

That is the sharp price drop after buying.

This type of bad news is something general investors cannot avoid, and even top investors often face it.

Duan Yongping shared his experience in a Q&A:

After he bought Apple, there were several instances when Apple dropped more than 40% from its peak, and more than 20% and 30% many times over. He did not pay much attention to it and did not care.

I think the fundamental reason he is indifferent to these bad news is that he feels he understands Apple and can roughly gauge its true value; as long as Apple’s market value is not excessively outrageous, he does not care about these negative news, including drops.

When one truly understands the assets they hold and comprehends the value of those assets, the waiting process does not feel as torturous, and various so-called “bad news” can be faced and ignored with ease.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。