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].

Core Viewpoint - The article emphasizes the importance of emotional control and strategic thinking in both personal and professional contexts, drawing lessons from historical figures and classical texts to illustrate how maintaining composure can lead to success and effective decision-making [6][78]. Group 1: Emotional Control - The ability to remain calm in the face of danger is highlighted as a trait of true strength, as illustrated by the story of Zhong Hui, who maintained his composure during a tense encounter with Emperor Cao Pi [10][21]. - The article discusses the wisdom of controlling one's anger, using the example of Lin Zexu, who learned to manage his emotions to achieve his goals effectively [30][34]. - It is noted that excessive emotional expression can lead to negative consequences, and that wise individuals should control their emotions to navigate complex situations [39][40]. Group 2: Humility and Restraint - The text warns against arrogance during times of success, referencing Zeng Guofan's advice that pride can lead to downfall [43][55]. - The downfall of Nian Gengyao is used as a cautionary tale about the dangers of overconfidence and failing to temper one's ambitions [46][52]. - The article stresses the importance of humility and the need to reflect on past failures to maintain a grounded perspective during prosperous times [56]. Group 3: Strategic Interactions - The article encourages a broader perspective when dealing with disliked individuals, citing Liu Bang's strategic decision to spare a rival for the greater good [60][68]. - It emphasizes the value of maintaining a calm demeanor and not allowing personal feelings to interfere with professional relationships [72][76]. - The importance of emotional detachment in decision-making is reiterated, suggesting that those who can manage their feelings are better equipped to handle complex social dynamics [81].

橡树资本联合创始人霍华德 · 马克斯 4 月上旬跟 Decision Nerds 主理人保罗 · 理查兹的交流中，分 享了他对当下投资环境的深刻思考：在信息过载、情绪泛滥的世界中，真正值得坚持的东西是什么？ 他认为，一支真正优秀的投资团队，必须同时做到两点：价值观一致，技能互补。 价值观一致，才能在困难时刻相互信任、坚持信条；技能互补，才能在不同情境下形成更完整、立体的 判断力。 对于普通投资者，霍华德给出的建议非常直接：参与市场，并以自己能够长期坚持的方式留在市场中。 我们有没有买入那些能持续增长的公司？ 我们有没有把钱借给那些能按时还钱的人？ 霍华德说，这是投资中最值得关注的事情，也是帮助我们穿越噪音、穿越周期的锚。 除了投资本身，他还谈到另一个被许多人忽视但至关重要的要素：团队合作的基础。 这场对话贯穿一个核心主题 —— 认清自己的局限，并找到可以长期坚持的方法。 霍华德回顾了自己 1969 年入行时经历 " 漂亮 50" 泡沫破灭的教训，如何从投资 " 最好的公司 " 巨 亏，学到两个终生受用的原则：不是买好公司，而是要以合理价格买得好；投资的核心，不在于标的本 身好坏，而在于买入时机与价格。 今天的 ...