[Token Quote] "Unable to tolerate short-term fluctuations, then there are no long-term gains" ㅡ Day 50

This content is not investment advice for specific stocks or assets, but aims to serve as a psychological reminder to help investors cultivate an unwavering investment mindset in highly volatile markets. Wishing you success in your investments. [Editor’s note]

Unable to withstand short-term fluctuations, you will have no chance at long-term gains.

— Seth Klarman —

Three consecutive profits can lead to overconfidence; three consecutive losses can sharply amplify fear. However, every moment in the market is independent. Past successes do not guarantee future success, and past failures do not predict future failures. Judging with a fresh mindset based on predetermined rules is the key to achieving stable performance.

Volatility is a mandatory course for long-term investors.

Seth Klarman (born 1957) is the founder of Baupost Group and the author of “Margin of Safety.” He is regarded as one of the most faithful inheritors of Graham’s value investing philosophy in contemporary times, managing approximately $30 billion in assets. His out-of-print works are extremely scarce, with second-hand prices reaching thousands of dollars. He adheres to the principle of only buying when the price is 30% to 50% below intrinsic value, making him a patient investor who prefers to hold 30% to 50% of the fund’s assets in cash when quality opportunities are lacking.