Here's the translation: Understanding Long-Termism Long-termism is definitely correct in the long run The core point is when to start long-termism It should be after you have completed your first pot of gold in wealth accumulation Life is like a play, a game of drama Ordinary people start at level 1 and slowly level up Buffett started at max level, with his father being a congressman He bought stocks at 11, owned over 200 acres of land at 15 He also did a lot of early speculative trading Selling chewing gum, delivering newspapers, renting pinball machines, etc. These were all processes of accumulating original capital In recent years, Duan Yongping has only told everyone to buy Apple/Moutai/Tencent Essentially, these are not wrong At least ordinary people won't lose money buying these stocks long-term The key is how much principal you have and which era you were born in It's fine to buy Apple with 100 million and collect dividends But with just 10,000 in principal, buying Apple now? Don't be ridiculous The Xiaobawang game console and Bubugao VCD that Master Duan did early on Do these count as long-termism? No, in Lei Jun's words, this is called "going with the trend" So first complete the accumulation of original wealth Then you are qualified to start long-termism The times are different now Today's global capitalized monopoly market In the past, ordinary people could buy Apple and Tesla with a 10 billion market value, today SpaceX and OpenAI are worth hundreds of billions before even going public, how can this game be played? Finally, to summarize: Long-termism is still correct But it depends on each person's life progress For example, James should do long-termism after PEPE Unfortunately, he didn't.

That’s right, Buffett’s advice to small funds is that there are many stocks with smaller market capitalizations to choose from. To put it bluntly, his big funds cannot participate in things with bigger odds, such as the crypto.

I remember he said in a video before: well, if I only have 1M now, the annual return can be much higher than it is now