The clearest interpretation of the investment philosophy of always seeking bets on mispricing — price is my due diligence. Price is what you pay; value is what you get. It doesn't take long for everyone to learn how to make money, but learning how to preserve wealth takes a lifetime. To avoid "reverse compounding," maintain a certain margin of safety when investing — this is of utmost importance. Conditions for profit: 1 is cheapness, 2 is volatility. Prices always fluctuate around value. Do not deviate from intrinsic value, and do not fluctuate without value. If the cost and return of any tra
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