1. When you do not chase the price and do not follow the crowd, you have already outperformed at least 50% of investors. 2. When you understand how to analyze companies, using business operations as the basic principle of investment, and understand that the essence of business operations is whether the current business model can generate sustainable free cash flow for the future, you have outperformed 80% of investors. 3. Buying stocks means buying companies, and buying companies means buying future free cash flow. 4. When you understand 1, 2, and 3, and use 1 and 2 as your principles for buying and holding investments, with 3 as the basis for long-term holding, and form your own investment philosophy and discipline, your investments will not incur losses and will definitely be profitable. If you do not achieve good investment results and cannot make money in the stock market, it is certainly because you do not understand 1, 2, and 3 $TON$BTC.