Core Viewpoint - The article emphasizes the importance of building a scientific cognitive system for investors, especially in the context of a recovering stock market and rising investment enthusiasm. It highlights that successful investing is not just about chasing numbers but involves a deeper understanding and recognition of market dynamics [1]. Group 1 - The upcoming live session will feature Shitai Feng, a partner at Chongyang Investment, and Dr. Liang Yufeng, the author of "The Power of Critical Thinking," who has extensive experience in market research [1]. - The stock market has recently shown signs of recovery, with indices reaching a ten-year high, reigniting investor enthusiasm [1]. - The article quotes a classic investment saying: "You cannot earn money beyond your cognition," stressing the need for a solid cognitive framework to avoid losses from luck-based gains [1]. Group 2 - Dr. Liang's book provides a comprehensive and accessible breakdown of investment principles, serving as a practical guide for investors to establish a robust investment philosophy [1]. - The discussion will focus on how investors can construct their cognitive frameworks, maintain composure amidst market excitement, and avoid common investment pitfalls [1].

Core Viewpoint - The article emphasizes that investment success is not solely dependent on knowledge but requires a specific cognitive framework to navigate the complexities of the market [2]. Group 1: Cognitive Misconceptions - The book identifies 12 common cognitive biases that investors face, including overconfidence, greed and envy, and loss aversion, which highlight human weaknesses [8]. - The "endowment effect" is particularly noted, where individuals overvalue items they own, leading to poor investment decisions, such as holding onto losing stocks [8]. - The importance of overcoming these cognitive biases is underscored, suggesting that successful investing is more about self-mastery than market competition [8][9]. Group 2: Market Volatility and Investment Strategies - The article discusses how emotional responses can lead to irrational selling during market fluctuations, using the example of the U.S.-China trade tensions and their impact on the A-share market [11]. - It illustrates that understanding the broader economic context can help investors make rational decisions, such as buying during market dips rather than selling in panic [11]. - The "blind following" and "story thinking" biases are highlighted as reasons for poor investment outcomes, particularly in volatile markets [12]. Group 3: Integration of Historical Wisdom - The book creatively merges historical philosophy with modern investment strategies, showcasing how ancient wisdom aligns with contemporary investment principles [16]. - It features dialogues between historical figures and modern investors, illustrating the timeless nature of investment wisdom [16]. - Real-world investment case studies are used to demonstrate the practical application of these cognitive insights, enhancing the learning experience for both novice and experienced investors [17].