I recently read a report on the ranking of global investment masters and realized how much my understanding of investing still falls short. The stories of these people are truly worth studying carefully for anyone who wants to make money in the stock market.

First, let's talk about Warren Buffett. This guy has only lost money in one year over 51 years; the other 50 years have all been positive growth. How does he do it? The secret is actually simple—avoiding "compound negative returns." Many people don't understand this concept: a 30% decline requires a 43% increase to break even, a 50% decline requires a 100% increase. So Buffett never chases the peak; he cares about not losing money. He said it well: "When most people are making money, we are also making money, roughly the same; when most people are losing money, we are also losing, but less."

Next is Jesse Livermore, known as one of the greatest traders in the world. His core philosophy is: making big money doesn't rely on individual stock ups and downs, but on major volatility and overall market trends. He emphasized that only traders who truly understand this can make big money. He also had a famous stop-loss rule—limit initial losses to within 10%. This principle is still revered by traders today.

Graham created the concept of "margin of safety," which completely changed the investment world. He believed true value investing is buying when the stock price is far below its intrinsic value. Buffett was his student and later expanded on this method. Interestingly, Graham, near the end of his life, shifted to believe in the "Efficient Market Hypothesis," which confuses many people. But from today's perspective, he might have been acknowledging that psychological factors are more important than fundamentals.

Japan's Kawa Ginzō is also legendary. He dropped out of elementary school and made over 30 billion yen from stocks. His investment philosophy is very practical: only eat until you're 80% full (don't be greedy), follow the "Turtle Trading" principles (steady and cautious), and adhere to five investment principles. His most classic saying is: "Everyone will encounter two or three great opportunities in their lifetime. Whether you can seize them depends on your daily effort and mental discipline."

Roy Neuberger's story is even more incredible—over a 68-year investment career, he never lost money in a single year. This is almost an unbeatable record; even Buffett has had losing years. His ten investment principles seem simple but are executed steadily. He emphasized understanding yourself, learning from successful people, but not blindly following trends.

André Kostolany is my most admired investor. This German master has been active in the stock market for over 70 years. His core theory is: focus on fundamentals in the long term, watch capital and psychology in the medium term. He has a famous piece of advice—buy quality stocks, sleep well for a few years, and wake up to surprises. It sounds like a joke, but it reflects his belief in long-term investing. He also said that the medium-term trend of the stock market is: capital + psychology = trend.

Peter Lynch, a superstar in investing, grew the Magellan Fund from $22 million to $14 billion in 13 years, with an average annual return of 29%. His most famous quote is: "As long as you put some effort into researching stocks, ordinary investors can become stock market experts." He emphasizes discovering investment opportunities in everyday life—whether at shopping centers or workplaces, opportunities are everywhere.

Jim Rogers' seven investment rules are also very inspiring: diligence, independent thinking, avoiding business schools, never losing money, value investing, waiting for catalysts, and being as calm as a virgin. He said very straightforwardly: "Most investors like to buy and sell frequently—they just can't sit still and wait for the market to develop naturally."

George Soros' "Reflexivity Theory" is a bit complex, but the core idea is: investors' perceptions influence the market, and the market, in turn, changes perceptions. This explains why bubbles form and burst.

After reading these stories of investment masters, my biggest realization is: successful investors share a few common traits—diligence, independent thinking, strict discipline, and psychological control. The method itself is actually the least important; what matters most is execution and understanding human nature. The stock market is a magnifier of human nature—who can control their greed and fear will be the one who laughs last.