说到做投资，常常有人会说，都是聪明的人做投资做得好，智商不够高的人做投资，肯定是赔钱。 但是巴菲特却告诉我们；成功的投资并不需要太聪明，投资并不是高智商的游戏。只要遵循一定的投资 法则，克服人性的贪婪和恐惧，坚持价值投资，每个人都可能实现成功投资。 你要了解哪些事情是自己可以做到，哪些是无力做到的。这并不复杂，你不需要有很高的智商来进行投 资，但必须有情感的控制。很聪明的人有时候会做一些很愚蠢的事情，避免'自我摧毁'就好了。"这段 话听起来很简单，但是里面却隐藏着巴菲特成功的秘密，那么普通人又怎么才能在投资上取得成功呢？ 首先，要找到自己的能力圈，在能力圈内进行投资。巴菲特说过我们都要在自己能力圈内做投资，不去 投资自己看不懂、看不明白的公司，就像巴菲特当年始终没有投科技股，虽然错过了2000年互联网的新 浪潮，但也成功躲过了随后的互联网泡沫破裂。古人云："知人者智，自知者明"，就是这个道理。 其次，要学会控制自己的感情，不要让自己的情绪影响投资。股市的波动是难免的，当你看好一只股 票，就应该坚定持有，保持耐心，而不应该因为短期的波动而做出一时冲动的投资决策。有些人虽然很 聪明，但是可能控制情绪的能力很差，大 ...

沪深交易所数据显示，A股散户亏损率常年居高不下。很多人抱着"赚快钱"的心态入市，最后却沦为"韭菜"。其实散户输钱，大多栽在这六个可防可控的坑 里。 第四个坑，迷信小道消息当"接盘侠"。40%的亏损源于大V荐股、股吧传言。机构早就把公开信息消化完毕，散户跟风入场时，往往站在股价高位。数据显 示，靠消息炒股成为"接盘侠"的概率超80%。 第五个坑，加杠杆赌一把满盘皆输。使用杠杆的散户爆仓概率高达78%。涨时贪心加杠杆追高，跌时被强制平仓加速亏损，不仅本金亏光，还可能倒欠平台 钱，一次失误就彻底出局。 第六个坑，不懂基本面盲目跟风。70%的散户看不懂PE、PB等核心指标，只看股价涨跌决策。忽视行业周期和公司质地，退潮时接盘主跌板块，踩雷风险 比专业投资者高3倍。就像有人听"新能源有利好"就满仓，连公司负债率都不看，利好兑现后只能被套。 其实散户输钱的核心，是"纪律缺失+认知不足"。前三个坑都属操作层面问题，守住这三道防线，就能避开80%的亏损陷阱。 想少亏钱，关键在建立简单体系：先设止损止盈线，比如亏15%无条件离场、赚20%分批止盈；再界定能力圈，上班族别追热点打板，深耕熟悉领域更靠 谱；最好别满仓，留30%现金 ...

Core Insights - The article highlights the trading strategies and philosophies of Li Chengjie, who won the second place in the asset management product group of the 19th National Futures (Options) Live Trading Competition, emphasizing risk control and trading rhythm [1][2]. Trading Philosophy - Li Chengjie's trading style is characterized by a combination of trend-following and swing trading, where trends provide direction and swings offer space for trading [1]. - He emphasizes the importance of time and patience over merely identifying market direction, especially in a less trend-driven market expected in 2025 [1]. Trading Strategy - The core strategy is "defense first, then offense," with a focus on strict adherence to stop-loss levels, position limits, and liquidity requirements [2]. - Li Chengjie employs a three-part position management approach: 30% for testing, 50% for holding, and 20% for defense, ensuring a sense of security during market fluctuations [2]. Emotional Control - Emotional control is deemed more challenging than technical skill in trading, with practices such as mandatory breaks after significant gains or losses and daily physical exercise to maintain mental clarity [3]. - The recent award is viewed as a new starting point, with plans to systematize successful strategies into quantitative models to minimize emotional interference in trading [3]. Market Outlook - For the fourth quarter of 2025 to 2026, the market outlook is cautiously optimistic, with a focus on precious metals, energy, and agricultural products while maintaining a defensive mindset [3].

Core Insights - The article emphasizes the importance of emotional control and composure in various situations, suggesting that true strength lies in maintaining calmness and not allowing emotions to dictate actions [4][20][34] Group 1: Composure in Crisis - The text illustrates that true strength is demonstrated by those who can hide their fear and remain calm in critical situations, as exemplified by historical figures like Zhong Hui [12][18][20] - It highlights that a calm mind leads to effective problem-solving, allowing individuals to navigate challenges without succumbing to panic [21][24] Group 2: Emotional Restraint - The article discusses the significance of controlling anger, stating that wise individuals manage their emotions rather than letting them control their actions [25][30] - It provides an example of Lin Zexu, who learned to suppress his anger to achieve his goals, demonstrating the effectiveness of emotional restraint in leadership [26][29] Group 3: Humility in Success - The text warns against arrogance during times of success, citing historical figures like Nian Gengyao, whose pride led to their downfall [37][45] - It stresses the importance of humility and self-awareness, suggesting that one should reflect on past failures and potential future risks to maintain a grounded perspective [46][48] Group 4: Managing Relationships - The article advises against openly expressing dislike for others, advocating for a broader perspective that prioritizes long-term goals over immediate emotions [50][58] - It emphasizes that successful individuals consider the bigger picture and do not let personal feelings interfere with their strategic decisions [61][64]

Core Viewpoint - The article emphasizes that individuals often allow external factors and others' emotions to control their own feelings, leading to unnecessary emotional turmoil [4][12][63]. Group 1 - The concept of "emotional buttons" suggests that everyone has triggers that can be activated by others, resulting in a loss of emotional control [5][6]. - The narrative illustrates how individuals can misinterpret others' reactions, leading to anxiety and self-doubt, as seen in the example of a woman who felt anxious after her boss's neutral expression [9][10]. - The article highlights the importance of self-awareness and emotional independence, stating that excessive concern for others' opinions can lead to losing one's sense of self [13][14]. Group 2 - The article provides examples of individuals who managed to maintain their emotional stability by changing their perspectives on challenging situations, such as a physicist who calmed down after understanding the context of a delay [16][19]. - It discusses how one's emotional state is influenced by personal interpretation rather than external events, reinforcing the idea that emotions belong solely to the individual [20][32]. - The article concludes that individuals can control their reactions to external circumstances, emphasizing that emotional responses are a personal choice [33][34]. Group 3 - The article offers three strategies for managing emotions: establishing an emotional firewall to block negative influences, using cognitive reframing to understand the intent behind others' words, and practicing behavioral isolation to avoid toxic environments [37][38][45][56]. - It stresses the importance of recognizing that not all external comments or actions warrant a reaction, advocating for a more discerning approach to emotional engagement [63][66].

Core Viewpoint - The article highlights the mental health struggles faced by professional athletes, particularly in high-pressure sports like tennis, emphasizing that even successful individuals may grapple with significant psychological challenges [1][2][3]. Group 1: Mental Health in Professional Sports - Over one billion people globally suffer from mental health disorders, with anxiety and depression being the most common issues [1]. - Professional tennis players experience unique psychological pressures due to the high commercialization and visibility of the sport, leading to mental health issues [2]. - Notable athletes like Naomi Osaka and Ashleigh Barty have publicly shared their struggles with mental health, illustrating the prevalence of these issues in the sport [2]. Group 2: Psychological Challenges Faced by Athletes - Athletes often travel extensively, facing challenges such as time zone changes, loneliness, and the pressure of competition, which can exacerbate mental health issues [2]. - Research indicates that professional players deal with a lack of stable social networks, economic pressures, and sleep disturbances, all of which contribute to their psychological challenges [2]. - The emotional toll of competition can lead to self-doubt and feelings of isolation, as highlighted by various players' experiences [2][6]. Group 3: Emotional Control and Performance - Athletes must manage intense pressure during competitions, which can lead to emotional outbursts and affect their performance [3][4]. - The psychological state of athletes is crucial for their performance, as distractions from emotions can hinder their ability to focus on the game [4]. - Mental resilience is essential for athletes to navigate the highs and lows of competition, as they often face physical pain and emotional struggles simultaneously [5][6]. Group 4: Coping Mechanisms and Strategies - Athletes are encouraged to adopt positive mental strategies, such as taking mental pauses and focusing on positive thoughts to manage anxiety [7]. - Understanding and accepting pressure as a challenge rather than a threat can enhance performance and mental well-being [7]. - Engaging in physical activity is beneficial for mental health, providing social support and a sense of belonging, which can alleviate feelings of loneliness and stress [7][8].

Core Insights - The article emphasizes the importance of deliberate practice in achieving mastery in any field, including investing, as illustrated by the "10,000-hour rule" proposed by Malcolm Gladwell [1] - Warren Buffett's investment success is attributed to over 60 years of dedicated practice, accumulating more than 50,000 hours of experience, which has shaped his investment thinking [1] Group 1: Investment Thinking Development - Buffett's cognitive "muscle" is developed through daily reading and analysis, allowing him to understand modern business models and competitive landscapes [2] - The decision-making "muscle" is strengthened through gradual exposure to real market conditions, where Buffett learns to make rational choices amidst uncertainty and reviews his investment decisions for continuous improvement [2] - Emotional control is crucial for investors, especially during market volatility, and Buffett's ability to remain calm and rational during crises, such as the 2008 financial crisis, exemplifies this skill [3] Group 2: Learning and Practice - Investors must commit over 10,000 hours to learning and practicing investment strategies, as mere effort without direction may lead to poor outcomes [4] - The article advises against the illusion of quick wealth and encourages a focus on systematic self-training, including daily reading, analysis, and regular reviews [4] - Continuous deliberate practice is essential for developing investment decision-making as a "muscle memory," leading to sustained profitability over time [4]

Report Core View - Traders should not be influenced by market emotions, make independent judgments, and make rational decisions to stay invincible in the futures market. They should learn from the failures of Cao Jiu and Zhang Fei, control their emotions, and base their trading on fundamentals and technical analysis while strictly following trading plans [2][3]. - Traders should understand themselves and the market, not act blindly, and make decisions based on whether the market trend is beneficial or not [3]. Summary by Content Lessons from History - Cao Jiu was enraged by the Han army's insults and led his troops to cross the Sishui River, resulting in a great defeat for the Chu army and the loss of Chenggao. This shows that emotional outbursts can lead to failure in trading [2]. - Zhang Fei was emotionally out - of - control after Guan Yu's death, whipped his soldiers, and was eventually assassinated by his subordinates. Traders who lose control of their emotions due to market fluctuations will also bring disaster to themselves [2]. Trading Principles - Traders should understand themselves, know their abilities and limitations, and understand the market, study market opportunities and changes, and make independent judgments without following blindly [3]. - Trading should be based on fundamentals, supplemented by technical analysis, and strictly implement trading plans, not being influenced by market noise and others' opinions [3]. - When the market trend is beneficial, traders should act decisively; when it is not, they should wait and see [3].

Core Viewpoint - The article emphasizes the importance of having a systematic and emotionless investment strategy, particularly through regular investment in index funds, to withstand market volatility and emotional reactions [4][33]. Group 1: Investment Strategy - The essence of the market is volatility, and investors often react emotionally, leading to poor decision-making such as chasing highs or cutting losses prematurely [6][10]. - A mechanical execution of a pre-defined investment strategy can help investors avoid emotional pitfalls and maintain discipline during market fluctuations [6][9]. - Establishing rules during calm periods is crucial to ensure adherence during turbulent times, allowing investors to remain steadfast [4][6]. Group 2: Key Elements of a Long-term Investment Strategy - A long-term investment strategy should include four key elements: a suitable index fund portfolio, defined investment and accumulation conditions, attention to rebalancing and pre-set profit-taking conditions, and thorough record-keeping and periodic review [10][11]. - The portfolio should be built based on risk tolerance and the intended use of funds, incorporating broad-based indices and sector-specific indices for flexibility [12][13]. - Setting specific conditions for investment and accumulation, such as regular intervals for evaluation and thresholds for undervaluation, is essential for disciplined investing [14][16]. - Regular rebalancing and pre-defined profit-taking strategies help maintain the desired portfolio structure and mitigate risks associated with market fluctuations [18][19]. Group 3: Tools and Processes for Execution - Implementing a set of tools and processes is necessary to transform investment rules into automatic actions, ensuring consistent execution [21][22]. - Key tools include an index holding table, a valuation temperature table, an execution checklist, and an operation log to track investment activities and adherence to the strategy [23][24][26]. - Periodic reviews and optimizations of the strategy based on accumulated experience and changing market conditions are vital for long-term success [28][30]. Group 4: Conclusion - The journey of long-term investing is often turbulent, requiring a structured approach to navigate market fluctuations effectively [31][32]. - By establishing rules, building a disciplined investment framework, and utilizing tools for execution, investors can achieve stable returns while minimizing emotional interference [33][34].

Core Viewpoint - The article emphasizes the importance of emotional control and restraint in handling unexpected situations, suggesting that impulsive reactions can lead to greater losses and negative outcomes [10][57][80]. Group 1: Stories Illustrating Emotional Reactions - The first story highlights a startup founder whose impulsive reaction to a technical issue during a pitch led to a negative impression on investors, resulting in a lost opportunity [22][24]. - The second story recounts a father whose angry outburst towards a boy interacting with his daughter damaged their relationship, illustrating how impulsive actions can have lasting consequences [40][41]. - The third story involves a journalist who, in a fit of anger over a stolen umbrella, missed an important assignment, demonstrating how emotional reactions can derail professional responsibilities [53][54]. Group 2: Lessons on Emotional Control - The article suggests that strong emotional reactions often exacerbate minor issues, and that maintaining composure can prevent small problems from escalating [61][80]. - A personal account from a writer illustrates how a calm approach to a conflict with a truck driver led to a peaceful resolution, contrasting with the potential for conflict escalation through anger [75][76]. - The article references a study by psychologist Davis, indicating that individuals with volatile tempers are more likely to face career and personal challenges, while those who manage their emotions effectively are more likely to succeed [83][84]. Group 3: Practical Applications in Professional Settings - A workplace anecdote describes how a professional learned to manage disagreements with colleagues through calm discussion, leading to successful project outcomes rather than conflict [96][97]. - The article concludes with insights from Warren Buffett and Bill Gates, who emphasize that emotional control is a key determinant of success, rather than intelligence alone [102].