Price below value is investment.

Investing is like hunting - bullets are limited, but prey is infinite. The difference between a veteran and a rookie often isn't about who works harder, but who can focus 80% of their energy on the 20% of opportunities truly worth pulling the trigger for. Graham said 'buying when price is below value is investing' - sounds obvious, but 90% of people fail because they don't understand that value is subjective, and subjective things must be filtered through objective sieves.

First, subtraction. Among 5000+ U.S. stocks, 95% are noise. Shelly's first sieve layer is economic common sense: perfect competition yields no profits, only monopolistic competition brings meat. Here 'monopoly' isn't pejorative, but refers to differentiated moats - brand, scale effects, network effects, patent barriers. Just one can generate fat, lasting cash flows. Coca-Cola's brand premium maintains 60%+ gross margins while OEMs struggle for 5%; Meta's network effects deter challengers with absurdly high user migration costs. These stocks may not rise daily, but long-term their charts climb upward, recovering from dips.

But financial literacy is just basics. The real edge lies in identifying key variables - Meituan's daily orders, Pop Mart's IP repurchase rate, NVIDIA's data center revenue growth. These metrics must outperform peers (horizontally) and history (vertically) by multiples to enter the stock pool.

Finally, breadth beats depth. Spending 100 hours dissecting one company is worse than 20 hours grasping 80% of 10 companies. Investing is probabilistic - cast nets widely before targeted fishing. Shelly holds ≤15 positions but tracks 50 candidates dynamically.

Retail investors must out-cold Wall Street. When a stock shows 'differentiated advantage + key metrics crushing peers + historical valuation lows', hesitate not - your trigger-pull success rate dwarfs CNBC nonsense tenfold.$Dow Jones Industrial Average(.DJI.US) $Dow Jones Industrial Average(.DJI.US) $NASDAQ Composite Index(.IXIC.US)