Core Viewpoint - The recent fluctuations in the A-share market have led to investor anxiety about the potential end of the bull market, highlighting the importance of patience and long-term investment strategies [2][4]. Group 1: Investment Philosophy - Investment requires waiting for opportunities and the realization of value, emphasizing a long-term perspective to outperform the market [2][4]. - Investors should be patient and sometimes "stubborn," waiting for high-quality companies to reach a favorable price before making purchases [3][4]. Group 2: Price and Value - A "good price" is defined as a stock price that is relatively low compared to its intrinsic value, allowing for a greater margin of safety in investments [3]. - Investors must assess the intrinsic value of companies, such as Kweichow Moutai, to determine whether the current price is too high for investment [3]. Group 3: Challenges of Waiting - The difficulty of waiting for value realization is often greater than waiting for a good price, as many investors tend to sell too early when prices begin to rise [4]. - Successful investors are those who have a deep understanding of a company's value and are willing to wait for the full potential of their investments to be realized [4][5]. Group 4: Market Sentiment - Current market conditions have led to skepticism among investors, who may miss out on opportunities in a bull market due to fear and indecision [4].