---
title: "100-Day Reading Sharing Plan — Day 71"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/38835370.md"
description: ""A Random Walk Down Wall Street" 1. The valuation theories developed by economists and the track records of professional investors all lead to the same conclusion: there is no surefire path to wealth, nor an easy and smooth road. To achieve high returns, one must only take on high risks (and perhaps also accept lower investment liquidity). 2. Those who correctly understand the past are often not pessimistic about the present. 3. Stock investors purchase ownership shares in companies with the aim of obtaining a growing stream of dividends. 4. Therefore, company management that acts in the interests of shareholders will be more willing to repurchase shares..."
datetime: "2026-02-23T15:10:28.000Z"
locales:
  - [en](https://longbridge.com/en/topics/38835370.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/38835370.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/38835370.md)
author: "[长期主义接班人](https://longbridge.com/en/profiles/16386327.md)"
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/topics/38835370.md) | [繁體中文](https://longbridge.com/zh-HK/topics/38835370.md)


# 100-Day Reading Sharing Plan — Day 71

"A Random Walk Down Wall Street"

1\. The valuation theories developed by economists and the performance records of professional investors all lead to the same conclusion: there is no guaranteed path to wealth, nor an easy and smooth road. To achieve high returns, one must only take on high risks (and perhaps also accept lower investment liquidity).

2\. Those who correctly understand the past often do not hold pessimistic views about the present.

3\. Stock investors buy ownership shares in companies with the aim of obtaining a growing stream of dividends.

4\. Therefore, company management that acts in the interests of shareholders would prefer to repurchase shares rather than increase dividends.

5\. Several determinants of stock returns: ① The initial dividend yield when the stock was purchased; ② Earnings growth rate; ③ Changes in stock valuation from the perspective of the price-to-earnings ratio (or the multiple of stock price to dividends).

$Novo Nordisk AS(NVO.US) $Cleveland Cliffs(CLF.US) $Amazon(AMZN.US) Getting hammered every day

### Related Stocks

- [Cleveland-Cliffs Inc. (CLF.US)](https://longbridge.com/en/quote/CLF.US.md)
- [Amazon.com, Inc. (AMZN.US)](https://longbridge.com/en/quote/AMZN.US.md)
- [Novo Nordisk A/S (NVO.US)](https://longbridge.com/en/quote/NVO.US.md)

## Comments (7)

- **太夸张了你 · 2026-02-24T11:06:08.000Z**: Is your yield relatively poor?
  - **长期主义接班人** (2026-02-24T11:07:03.000Z): It's been really bad lately.
- **look at me · 2026-02-23T15:25:31.000Z**: Have you increased your position?
  - **长期主义接班人** (2026-02-23T15:36:42.000Z): None
- **Alpha猎手 · 2026-02-23T15:13:42.000Z**: How much did you make today? 🥹
  - **长期主义接班人** (2026-02-23T15:14:49.000Z): Almost there
  - **西瓜呀** (2026-02-23T15:15:53.000Z): +1