This wonderful festival should have little bells!
This has unraveled a long-standing confusion for me. The most I talk about is investment discipline. Of course, compared to the previous several cycles, I have preserved my principal, and I claim my best operation in this cycle is having done nothing.
Patience is indeed important, but discipline is even more crucial. However, I find that after one cycle, I am still in the first layer described by @pcfli, which is to ensure that the principal does not suffer losses. But using overly strict investment discipline as an excuse for myself, refusing to accept new things, has led to missed opportunities and sell actions that should have been executed, which is very bad.
This is not to say that investment discipline is unnecessary, nor is it to say that principal is unimportant. The point is that missing out cannot simply be comforted with "it's not my money" or "being disciplined is not wrong."
This statement from my brother is key: if you miss out on a real profit and it’s not within your framework, it may also need reflection.
In recent years, I have repeatedly brainwashed myself with "this is not within my circle of competence." I think this is no longer discipline but has turned my circle of competence into a comfort zone.
My principle and discipline: stay alive, then compound.
There is definitely no problem with this, and I will continue to adhere to it in the future, but today I added a phrase: the bottom line is to ensure survival, and the boundary is to seek evolution.
The aging of the framework is a very scary thing. A truly mature investor not only needs to prevent losing money but also must guard against using "rationality" to cover stagnation.
Thanks again to @pcfli @OdysseysEth @zhendong2020 and @E2mResearch for bringing such great content together, giving me a sense of enlightenment this weekend morning.
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