The main point shared in the previous articles is the same: investors do not need to pay too much attention to the macro environment, nor do they need to care too much about crises.

Therefore, I have rarely written articles about macro issues and crises since then.

In the past, there was another type of article that I occasionally felt compelled to write:

Hundred-fold coins.

Of course, I might not write it so directly, but between the lines, I could feel that intense impulse myself.

But now, I basically do not write about this topic anymore.

Because a quote from Mr. Buffett completely changed me, a quote I have shared in previous articles:

It was a question posed to Mr. Buffett by the founder of Amazon (paraphrased):

Your investment philosophy and system are so simple; why are you one of the richest people in the world while others do not do the same as you?

Mr. Buffett replied (paraphrased): Because no one is willing to become rich slowly.

The first time I saw this quote, I was just a bit confused.

Later, after watching Mr. Buffett's shareholder meeting Q&A and reading Duan Yongping's book, this quote was deeply etched into my mind. The main thing I realized was:

It is merely luck bestowed by the heavens; and luck cannot be replicated.

Investment requires finding reusable methods and ideas.

Since then, I have let go of the obsession with "hundred-fold coins," and redirected more of my energy and time towards thinking about problems rather than searching for hundred-fold coins.

Without the obsession for "hundred-fold coins," seeking targets that I understand better, can mostly comprehend, have long-term value, and can hold for the long term—even if their price increase is only a few times, is far more reliable than holding onto a target that I cannot understand at all, but which could potentially rise 100 times in the future.

Because ultimately, I found that the returns I could possibly gain from the former would likely be much larger than those from the latter.

This sounds contradictory, but the essential reason is:

The vast majority of people, even if they buy hundred-fold coins at very good entry points, are almost impossible to make a hundred times profit from them.

Because investors, even holding a hundred-fold coin, often sell it prematurely before it rises 100 times, especially when encountering many "pits."

When investors return to searching for targets they are truly interested in, genuinely willing to research, and truly understand better than the vast majority of investors, they will definitely find suitable opportunities for themselves.

In fact, there is no need to look for so many opportunities; just find one or a few targets that you can understand, believe have long-term value, and let the power of compounding over time naturally add value to them. If the result is a hundred-fold, that's great; even if it's not a hundred-fold, the eventual return will still be astonishing.

How do we understand a target, comprehend its value, and believe it has long-term potential?

Let’s return to the three standards shared earlier: corporate culture, business model, and appropriate price.

By these three standards, there have long been blue-chip stocks in the U.S. market that almost everyone can understand. Not only U.S. stocks, but there are also such stocks in the A-share market.

However, as Mr. Buffett said, the vast majority of people think they are slow to rise, do not want to buy them, and prefer to spend their energy looking for "hundred-fold stocks."

But after so many years, the ultimate winners are still those blue-chip stocks from back then.

Of course, it is important to emphasize again: If you cannot apply the above standards, and you cannot understand any of these stocks, that's okay. Just don't buy, don't invest; keep it in a bank with a fixed deposit to earn interest—just by doing this, you can avoid repeated economic crises, dodge numerous stock market crashes, and steer clear of each "pit" that most people will jump into.

You have already managed to outsmart at least 90% of ordinary people in investing.

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