“Investor’s patience” and “hunter’s patience” are not the same kind of patience.

1. Every choice has a price.

2. The cost is objective, but the value is subjective.

3. Some prices I am willing to pay, others are unwilling to pay, and some are the opposite.

The above is the fundamental reason why “free trade” can bring prosperity more than “forced distribution”. It is also one of the important conditions for obtaining excess returns from “grid system” price investment.

People who prefer to be different can often gain some benefits in this world. For example, if the “beautiful and ugly” in your eyes is completely different from the public’s aesthetics, then there is a high possibility that you will be able to marry the “most beautiful girl” in your heart and the “most beautiful boy” in your heart without special effort.

I watched “Talk Show Conference” before, and there was a joke in it. Zhang Tingling took a picture of Liu Yifei and asked her Canadian husband: Do you think this person is beautiful?

Her husband glanced at him and said, “It’s normal. If you want to grow up like this, I won’t marry you.”

Zhang stepped on the bell and said: Well, if I want to grow up like this, I won’t marry you.

Although it is a joke, the truth is indeed the truth.

Buffett has a fellow student named “Schloss”. For convenience, we call him “Lao Shi”. Lao Shi lived in his nineties and participated in World War II. I have been investing for most of my life, not as big as Munger, and not as profitable as Munger.

Lao Shi has never entered the rich list, but compared with ordinary people, he is definitely a rich man. But I guess, if there is an opportunity for you to exchange your life with him, you are not willing. Even if he lived in his nineties, even if he was a little rich.

According to his self-report, Lao Shi has spent several decades investing in this way: he arrives at his small office at nine or ten every day, starts to screen stocks, and works until about three in the afternoon before returning home. Do not participate in the general meeting of shareholders, do not research listed companies, and do not communicate with peers. Decades as a day.

Lao Shi’s company was the only one in the early days. Researchers, traders, fund managers, investment directors, sales directors, and operations directors are all of him. Later, I made a lot of money and began to swell, and I was unwilling to do everything by myself, so I recruited an assistant for myself. Fertilizer water does not flow to outsiders’ fields, and his assistant is his son.

Lao Shi did not write a book. To get to know this man, only some interviews in his later years and Buffett’s occasional mention of this senior brother. I boldly and rashly speculate: Schloss should be quite happy in this life, at least the second half of his life. After all, as a little rich man, he can live another life as long as he wants. But he didn’t.

In the eyes of many people, Schloss’s success may be regarded as a tragedy – people died and the money was not spent. Moreover, according to his own description, the living state may not be “not spent”, but “almost not spent”.

However, would he be happier if he “spends half of it”? I guess, probably not.

Of course, I definitely don’t mean to say that one has to be willing to live this “Puritan” type of life to be a “qualified old chuck.” In fact, the life style of “Graham”, the founder of the “price investment” industry, is closer to “a drunken fan of money”. However, that is only compared to “Lao Shi”, and it is still far from the current popular “consumerism”.

No matter what kind of life you choose, the “price investment” group has at least one trait in common. It’s “different time preferences.” This statement is a bit of an X. In layman’s terms, it is more patience.

In the previous article, I said that all mistakes in investing are caused by “lack of knowledge”. The road of investment must never go in the direction of “cultivating the mind”. But this sentence has a premise. In advance, it only considers the “investment” itself, not the “investor”.

Today’s article is precisely talking about “people who make investments”. I have been involved in the securities market since 2006, and I have met many full-time and non-professional investors so far. At first I took it for granted that investing is all about making money. Simple, vulgar, pure.

But later, I slowly discovered that many people do investment, and their appeal is not only “money”. The more common ones also include “hope, dream, dignity”.

With the same knowledge reserve, the more complex the demands, the more frantic the actions.

For example, a typical request is: I want to achieve financial freedom by reaching the XX level before the age of XX. I now have funds of the order of XX. If I want to realize the above wishes, I will calculate the rate of return in the next XX years and must reach XX%. This is a classic self-destructing model. This is a classic self-destructing model. This is a classic self-destructing model.

From the perspective of “people”, there is no right or wrong in desire itself. But from an “investment” perspective, it’s a big mistake! The correct way of thinking is: based on my existing knowledge base and on the premise that I can understand it, I will take as much as the market gives. My wishes, my dreams, are invaluable to myself, but in front of the “market”, they are worthless! To say it’s worthless is probably going too far. In front of the market, dreams are “negative”.

People who don’t understand this fact are especially easy to do one thing: increase leverage!

People who have figured out this fact, but are unwilling to bow their heads, are also easy to do one thing: increase leverage!

For another example, another typical appeal is: I don’t want people to think I’m an idiot. I can’t accept that people around me who have a lower IQ and a smaller pattern than me earn more than me. Not even temporarily. They’re still showing off in front of me, that’s even worse!

People with this kind of appeal are especially easy to do one thing: chase hot spots!

So, under the erosion of “dream” and “dignity”, “leverage” and “hot spot”, the two ways to kill, all came together.

There are two types of people who gamble. One is “don’t know”, and the other is “know, but still want”. The former can be persuaded, the latter cannot be persuaded, nor need to be persuaded.

The word “patient” is mentioned above. But in fact, patience and patience are different. The patience of an investor is not at all the same as the patience of a hunter. After thinking about it, the term “time preference”, which seems to be pretending to be X, is really a “more accurate and more weighty” expression.

Feelings are sent, and meals are closed. No idea.

“Investment Essentials” web link

“Wealth Tools” web link

“Konoha Qingxuan” web link (the novel I wrote, after reading the first five chapters, if I don’t get addicted, I will lose. The investment principles that cannot be “deeply explained” are all written in the story)

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