I've finished reading the second round of Lao Duan's Snowball Investment Q&A... I have some insights to share with everyone...

Investing and entrepreneurship are the same...

Integrity and a normal mindset

Integrity means doing the right things and doing things right

A normal mindset is the ability to think independently

Wrong things are always tempting in the short term, like smoking and alcohol

Many people actually make mistakes, I'm talking about willful mistakes, knowing it's wrong and harmful to the body, but unable to resist short-term temptations... So people should always become who they are meant to be

Let's talk about investing. Blindly pursuing high returns is like entrepreneurship chasing short-term performance, such as being the industry leader or top performer, which leads to short-sightedness... I had this problem early on, resulting in significant drawdowns; when people constantly chase high returns, they often overlook risks, get carried away, and go all-in, completely ignoring right and wrong...

Whether trading options or stocks, do the right thing—valuation, buying something worth a dollar for fifty cents... After experiencing two major drawdowns, from 500% to a 90% loss, I've learned my lesson and no longer participate in assets with valuations deviating from normal levels... Now it's mostly stocks, with minimal options involvement, so drawdowns aren't too large... Of course, there won't be huge gains either

In summary, instead of chasing high returns, focus on what's right—knowing what's wrong or recognizing mistakes and stopping immediately!