The Long-term Logic of Value Investing

25 years of investment career have made me deeply understand that value investing is not only an investment method, but also a life philosophy. ## What is True Value Investing The core of value investing is not buying cheap stocks, but buying quality assets at reasonable prices and holding them long-term. This requires investors to have: - Ability to think independently - Courage to go against market sentiment - Determination to wait patiently - Mindset for continuous learning ## My Investment Principles **Deep research, understand the essence.** Before investing in any target, I spend a lot of time studying its business model, competitive landscape, and management quality. **Margin of safety, control risk.** Even for the best investment targets, price must be considered. Margin of safety is the moat of investing. **Long-term holding, enjoy compound interest.** Time is value investing's best friend. --- *Investing is a marathon, not a 100-meter sprint.*