Core Insights - The article emphasizes the "10,000-hour rule" proposed by Gladwell, which states that achieving world-class talent in any field requires at least 10,000 hours of deliberate practice, applicable to investment as well [1][6] - Buffett's investment success is attributed to over 60 years of systematic training and compounding thinking, demonstrating that sustained profitability in the stock market is a result of disciplined practice rather than innate talent [1][6] Investment Training - Buffett accumulated over 16,000 hours of diverse reading, analysis, and decision-making training by the age of 27, dedicating 5 to 6 hours daily to reading financial reports and industry analyses [2] - His investment philosophy is encapsulated in the "punch card theory," which emphasizes the importance of making each investment decision with extreme caution, as if he had only 20 opportunities in his lifetime [3] Cognitive and Decision-Making Skills - The development of cognitive "muscle" involves daily reading and deep thinking to understand modern business models and competitive landscapes, enhancing the ability to identify intrinsic value in potential investments [4] - Decision-making skills are honed through a gradual process of making real investment decisions, followed by necessary reviews to analyze the logic and outcomes of each decision [4] Emotional Control - Controlling emotions during market fluctuations is crucial for maintaining rational thought and actions, which requires deliberate training to balance fear and greed [5] - Buffett's ability to invest during the 2008 financial crisis exemplifies his strong emotional control, allowing him to act contrary to market sentiment [5] Long-Term Investment Philosophy - The article concludes that sustained profitability in the stock market can be developed through deliberate practice, where understanding enterprise value and risk management become instinctual [6] - Investors are encouraged to commit over 10,000 hours to learning and practicing investment strategies, focusing on systematic self-training and avoiding the illusion of quick wealth [7]

Core Viewpoint - The article emphasizes that the greatest dividend for ordinary people is not external opportunities but rather the development of an internal system, categorized into "chaotic systems" and "compound systems" [3][4]. Group 1: Chaotic System - A chaotic system is characterized by frequent decision-making changes and high uncertainty, leading to a lack of accumulation in any particular field [7][8]. - Individuals in a chaotic system often rely on external influences and emotions for decision-making, which can result in missed opportunities [5][9]. Group 2: Compound System - A compound system focuses on long-term goals and experience accumulation, leading to clearer decision-making paths and reduced external interference [10]. - The advantages of a compound system include strong certainty, reduced anxiety, and a stable mindset despite market fluctuations [11]. - The article discusses various investment strategies within a compound system, such as technical analysis, value investing, and a "permanent portfolio" approach that emphasizes asset diversification and dynamic balance [11][12]. Group 3: Investment Performance - The author's "permanent portfolio" consists of dividend funds in the A-share market, index funds in the US (Nasdaq and S&P 500), and investments in India and Southeast Asia [13]. - The performance of the author's fund account shows a year-to-date increase of 6.33%, outperforming the CSI 300 index, which has decreased by 1.7% [16]. - The article notes that the stock market has shown positive trends, particularly after the worst impacts of tariff storms have passed [17][19].