Who doesn't want to be a value investor? But the urge to speculate is irresistible. Value investing is far more difficult, while speculation is almost instinctive. Anyone who's spent enough time at a Texas Hold'em table knows that lowering your entry odds increases your win rate. Playing only a few top hands is practically positive EV. But why gamble with a weak hand? It's like the difference between value investing and pure speculation. You'll understand when you sit down at the table. Overcoming instinct is incredibly difficult. Try asking a child to stop sucking on a pacifier. Look at that driver in Taiyuan. After being flirted with by a female driver, didn't he know it was illegal? 3.5 seconds of pleasure resulted in a minimum ten-year prison sentence. Overcoming instinct is too difficult. Try asking yourself: Could you resist? Speculation is instinct; value investing is overcoming instinct in trading. If you have 1 million, and you can hold onto that 1 million and wait for an opportunity instead of immediately converting it into various inexplicable assets, you're already ahead of 99% of people. Those who can hold onto their money and wait for opportunities are value investors. Those who immediately convert their money into various stocks and cryptocurrencies are speculators because they need immediate feedback; even knowing the opportunity is mediocre, they still gamble. Buffett and Munger were also fully invested in their early years, but after experiencing too many bull and bear markets, they realized that market crashes are almost inevitable, just sooner or later. Maintaining a portion of cash is almost entirely about waiting for a chance to make money. It took me a long time to understand this principle. Using currency, Tesla, Nvidia, or CLC as the benchmark will be wildly wrong in the long run. Use RMB as the benchmark, USD as the benchmark. Maintain 20-30% cash within this unit of measurement, and let your overall assets grow compounded within that unit of measurement. That's how you transition from a speculator to a value investor.