Most people see the world like Jin Yong's martial arts novels: The most advanced martial arts have a set of secrets, and if you learn the Nine Yang Magical Art, you can become Zhang Wuji. They believe Buffett's achievements are due to some untold secret; they believe the emperor was born of a dragon, and that gods and Buddhas are shimmering with gold. They believe that if they pray to the gods and Buddhas, they will help them escape suffering, pass exams, turn misfortune into good fortune, and strike it rich. They simply refuse to believe that Buffett's so-called "untold secrets" are actually simple common sense; he's never hidden anything (he's posing in the photo, pretending to share his investment secrets so everyone thinks he has some secret). Buddha isn't shimmering; he's human, begging for food, washing his feet, sitting under a tree, and speaking normally. They become "that person" because they truly believe what they say, and their every action and every word is completely consistent with what they say. There are no peerless martial arts or investment secrets in the world, and the Buddha has no time to help you realize your dreams; all you have to do in the world is use common sense and a normal mind to live a good life, do what you love, do the right thing, and do things better day after day.

The truth is simple, believe in the power of common sense and logic😼

The untold secret seems to stem from the fact that the strategy's capacity is limited, and revealing it would only reduce one's own returns. His later-stage capacity doesn't allow him to do so, so he can only pursue strategies with near-infinite capacity, forming a consensus on value investing, and revealing it would actually increase his own returns. But the initial accumulation in the early stages is hard to say. 🤣

Yes, if it were an arbitrage opportunity, I definitely wouldn't announce it in advance. Buffett's early strategy of picking up cigarette butts is actually quite simple. However, just like investing in excellent companies later on and focusing on future cash flows, it's not easy to execute.