When you reach the end of the investment road, you will find that the difference between winners and losers often lies not in how sophisticated the strategies are or how complex the models are, but in temperament and character.

You've heard this many times, but you only truly understand when you repeatedly reflect on that classic reminder from investment masters: one of the key factors determining success or failure is character. Most people either can't control their hands, succumbing to the impulse to trade, or they are overly anxious, constantly worrying about whether the market will crash. What about true investment experts? They need to have immense patience while also daring to act decisively at critical moments. This isn't just a feel-good message—it's about bringing the outcome of investing, amidst the distractions of the external world, back to the investor's own cultivation.

Just look at the people around you and you'll understand. Many players in the crypto space are always anxious: if the company's data for this quarter is poor, they fear a direct drop; if the macro situation weakens slightly, they feel there's no opportunity in the market; after finally catching a wave of increase, they rush to take action; as a result, when they encounter a deep correction, they immediately cut their positions. These people often lack the patience for in-depth research, let alone detailed investigations and comprehensive analyses. Even when they see good projects and good tokens, it's hard to convince themselves to wait for a reasonable buying price. The more frequently they trade, the more fragmented their mindset becomes, and ultimately their returns are worse.

Graham had long comprehended this phenomenon: truly successful investors typically possess three qualities: calmness, patience, and rationality; while speculators are the very embodiment of anxiety, impatience, and irrationality. The greatest enemy of speculators has always been within themselves.

Interestingly, this logic is more evident in the cryptocurrency market. Even if a person excels in mathematics, finance, and technical analysis, it is still difficult to profit from the market once emotions get out of control—whether they are overwhelmed by fear or driven by greed. Graham's deep understanding of market sentiment fluctuations can even guide any modern trader through price storms.