01. Humans are creatures of time

In the past, every household had clocks and watches; now, everyone carries a mobile phone. If your phone did not have a clock, how would you react? Many people can tolerate poor sense of direction in their daily geographical space, but they cannot tolerate not knowing the time. Especially for modern people, they cannot be separated from time for a moment.

Time is not only an external existence but also an internal and spiritual one. Time exists in everyone's heart and mind.

If there were no humans in this world, or rather, if there were no concept of time in people's hearts, then there would be no time in this world. Usually, time seems to have a beginning and an end; such time, we call it a time period. True time has no beginning or end, and no one can say where time starts or ends. True time is eternal, that is, there is no time. Time is fleeting; eternity is what lasts.

02. Time is the mystery of many things

The formation and resolution of all problems occur within time. Without the dimension of time, many things become meaningless, and life is the most typical example. Similarly, time is relentless in its pressure on everyone.

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It can even be said that the most autocratic thing in the world is time. Some people try to resist time by not sleeping at night and not getting up during the day. However, time remains time, and it will not stop for a second.

For investments and investors, time is very important. Time is money. For those who do not invest, time devalues money, and the longer the time, the more it devalues. Even savings cannot solve the problem of money devaluing due to time; I have never seen anyone become a billionaire through savings. To combat the devaluation of money caused by time, one must invest.

Even for investors, the type and style of investors differ, and the significance of time is also completely different. Those who pursue quick wealth prefer short time periods, while those who are willing to become rich slowly embrace long time periods.

The two most common mistakes in investing are also closely related to time: one mistake is buying inferior assets that cannot withstand the test of time; the other is selling high-quality assets that can withstand the test of time. The common feature of these two mistakes is that they have made a mistake in time judgment.Whether an investment can withstand the test of time is a question every investor must answer. Each person's perspective on the duration of life is that the longer, the better. Great investors even go to great lengths to make their investments last longer than their own lives. For conservative value investors, the appreciation of investments is achieved through time, and the returns on investment are directly proportional to the length of time. The longer the time, the more wealth appreciates.

In the eyes of conservative investors, investing is simple: make the right investment decisions and leave the rest to time. The longer the time, the more the appreciation. There are things in the world that need to be fast, such as 100-meter sprints; there are things that need to be slow, such as investing. If investing blindly pursues speed, it may actually move further away from the goal.

As Confucius said, "Do not be hasty, do not be greedy for small gains. Haste makes waste, and greed for small gains leads to failure in major matters." Simply pursuing speed can actually prevent one from achieving their goals.

03. Time is the most impartial

All investments must face the test of time. If you trust time, time will reward you. The realization of investment returns ultimately depends on time.

Time is an ally to correct investments and an enemy to incorrect ones. Investors who do not trust time feel that the longer the time, the greater the risk, and it's better to secure profits or flee as soon as possible. Value investors who buy and hold for the long term trust time, treat it as a close friend, and in Mill's words, "until death do us part."

Day traders fight for moments, while investors act with composure. Therefore, in the eyes of conservative value investors, the most reliable and realistic investment method is to let time become their strongest ally. Only by choosing to invest in excellent companies that can withstand the test of time is the key to successful investing.

Some people say that the secret to value investing lies in compound interest. However, it is time that creates the miracle of compound interest. Without sufficient time, there is no miracle of compound interest, and of course, no result of wealth appreciation in a compound manner.

Many have said that long-term investing can greatly reduce tax burdens and transaction costs. This is certainly true. Moreover, if short-term investing greatly increases an investor's anxiety, long-term investing can greatly reduce it; if short-term investing increases risk, the latter reduces it.If each investment is too short, investors will face new investment decisions, and the risk of investment mistakes will greatly increase, as will the corresponding anxiety. To reduce the probability of investment errors and to sleep soundly every night, it is best to choose a stable long-term investment.

Endurance investment philosophy: four principles and three red lines. Four principles: the principle of preserving and increasing value, the principle of constant dripping wears away the stone, the principle of equity investment, and the principle of buying low and selling high.

The core purpose of investment is first to preserve value, and second to increase it, which means ensuring not to lose money first, considering risks first, and then thinking about how to make money.

"Constant dripping wears away the stone" refers to the principle of long-term investment, which here means the power of long-term compound interest. The first is the rate of return, which may not be very high; the second is time, that is, the long-term accumulation of the rate of return.

Equity investment means viewing stocks as a part of the company's equity, not just as a trading target. There are three investment red lines that cannot be crossed, namely, no financing, no short selling, and no participation in IPOs.

04. Time seems to be neutral, unrelated to morality and value.

However, time is closely related to a certain spiritual quality of human beings, and this quality is patience. Extraordinary patience is a common characteristic of great investors. Patience is the art of waiting tirelessly. The longer the time and the waiting, the greater the patience required. Outstanding investors have mastered this art, such as Warren Buffett.

Some say that patience is more important than wisdom. In fact, patience itself is rich in wisdom and needs to be nurtured by wisdom. This wisdom is the understanding and realization of time and things, supplemented by self-discipline and restraint. One of the great enemies of investment is impatience, because the desire to act and love for action is a human nature. Patience is the reverse operation of this human nature.

Patience is related to time and consists of two parts. One kind of patience is the calm waiting before investment, and the other is the calm waiting after investment. These two kinds of patience together, over time, can create great investors. This virtue of patience applies to all great endeavors.

The most successful people are those who spend a long time thinking deeply before making decisions. The more successful people are those who extend the time frame of success. If investment is destined to be a marathon race, then endurance is the key to persisting to success.