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So-called bull markets will ultimately harvest the wealth of many families.
This is the law of nature.
It's too difficult to overcome human weaknesses, and it's hard to help others. When you say too much, others don't understand and even resent you.
What Duan Hongwei meant by "integrity" is actually managing yourself. I think regardless of bull markets, bear markets, or pig markets, constantly remembering "integrity" is enough. These two characters are truly minimalist.
Investment "integrity" requires three things:
1. Earning money from enterprise cash flows;
2. Earning money within your circle of competence;
3. Staying away from the market (or rather, ignoring the market)
Beyond practicing investment integrity, I think there are two more "inner" principles: "don't take yourself too seriously" (not being vain), and don't be jealous of others.
Value investing is a single-player competition. If you achieve these requirements, you'll have peace and freedom. If you don't, you'll suffer, feel troubled, and be constantly disturbed by noise.