Do the right thing, and be a little more patient.

In the latest episode of Knowing and Doing Tavern interpreting Duan Yongping's podcast, I heard many stories about patience, whether it was leaving at the peak of Little Tyrant or choosing to accompany his wife and children in the U.S. during his prime. The rationality of Duan Yongping's actions often only becomes clear to the outside world many years later.

After completing field research in June, I slowed down the pace of channel updates in July. During this time, I listened to many podcasts, read many articles, walked many paths, and gradually realized that the truly important things don’t seem to be in such a hurry.

The reason why investing is counterintuitive is that, in many cases, one doesn’t need to "try too hard." Making the right choice from the start is more important than constantly correcting mistakes later.

During this week as an "observer," the market introduced many new terms and concepts: stablecoins, innovative drugs. Most companies and businesses were beyond my understanding, but that’s okay. Being able to truly understand 3-4 companies is already a great happiness in Duan Yongping’s eyes.

Most of our returns come from two states: divergence and consensus.

Divergence represents undiscovered value, such as early Tencent and Tesla; consensus means a product or brand has formed relatively mature consumer recognition and can generate stable profits through dividends alone, with Kweichow Moutai being the most typical example.

If you earn from divergence, you’ll likely suffer pain because your view is just one perspective, not yet recognized by the market, which is why you can get a lower price than institutions.

If you earn from consensus, it’s relatively easier. These demands are likely to exist forever, like water, coal, or electricity, but explosive growth is rare, and market valuations tend to be more rational.

The longer you stay in the market, the more you’ll respect the future. Most things are unpredictable; only the few things we firmly believe in are worth betting real money on for certainty.

No matter the industry—tech, healthcare, beverages, or apparel—as long as it’s a good company at a good price, over time, it will likely yield decent returns. We can’t understand all industries and companies, not even sector analysts at institutions. Staying at the table is more important than which table you’re at.

Because of this, evaluating specific companies becomes harder. The more I interact with remarkable people and things, the more I realize the limits of my own understanding. Before starting content for the second half of the year, one thing I must convey to readers and users is: Most of my understanding may be wrong.

Whether this content is read by one, ten, or a hundred people, I hope it remains just "one perspective." What I see is only a small slice; from another angle, it might be a completely different scene.

What I hope to do is, ten or twenty years from now, still sit in front of a computer and share these thoughts with you. I hope by then, we’ll still be friends, and you’ll have already achieved financial freedom.

July 4th, Mars at Qinghe.