The day before yesterday, I said that actually most people really don’t need to care about so-called bull and bear markets, which has caused a lot of confusion; some messages in the background are filled with bewilderment.

Let me tell you about a friend of mine -

For so many years, I've had a friend I don't see often, but he is very special. I don't know if you have people like this around you, but since the stock market days, he has been almost the only one around me who has bought the same stocks as me and held them together for over 8 years. Later, together in Crypto, he was also committed to BTC, and from 2016 until now, he has never sold once, holding for over eight years again. Currently, his financial capability may not be incredibly rich, but he should already belong to a very small group.

Since 2017, I used to have a research group where everyone studied buying certain stocks and Bitcoin together. I estimated in my mind that among my friends who bought the same stocks as me, there were no fewer than 30. But those who could hold for over 8 years, only one person—truthfully, I couldn't do it either; back then, when everyone bought Tesla and Nvidia together, I basically couldn't hold on; and I sold a fair amount of Bitcoin in a panic in 2018.

At one point, I even doubted whether it was a problem with my character; I was surrounded by short-term self-interested individuals. Later I realized that this matter is too difficult; looking around, those who can do it are extremely few and it had nothing to do with my character.

Over the years, whenever friends complained about Bitcoin and core tech stocks rising slowly and gave up, I would think of him. What made him the only one able to keep calm in the turbulent crypto and stock markets?

After thinking about it, my interpretation can only be:

First, he doesn't give a damn about the market.

Second, he 'willingly lies flat'

I believe that as a value investor, the most valuable things are nothing more than two: one is research results, and the other is patience in waiting. The former is not very difficult; valuable things are generally visible. Even if you can't find them, there may be many ways to obtain them. The rarity lies in the latter.

So, I have to quote that classic line from 'The Count of Monte Cristo': 'All human wisdom is contained in these four words: wait and hope!'

I remember Teacher Wang Chuan @Svwang1 recently published a 'Lie Flat Manifesto' -

(Italicized is Teacher Wang Chuan's tweet) What lie flatters need to consider is the general direction of energy (money, talent, etc.) flow, and how to find the best focal point to capture energy at essential points of energy flow. This kind of thinking does not require particularly precise timing judgments, does not involve subjective chasing and pushing, and has minimal consumption to oneself.

Those unwilling to lie flat, unable to bear the long wait of doing nothing, and needing immediate action to escape their awkward situation, begin to chase and push subjectively, quickly draining their energy and resources. When subjective chasing meets increasing real-world resistance, it is easy to deplete resources and worsen the situation. Most people are unwilling to lie flat. But here lies a key issue: when an opportunity that seems readily available appears, the first person to seize it feels the return is good, but as the second and third people rush in, the returns start to decrease. And these people unwilling to lie flat must introduce similar resources while competing for their ideal opportunities, raising each other's resource costs higher and compressing each other's profits lower during the competition. Even if this game eventually turns into a ridiculous form of self-harm, no one is willing to give up their previous investments and consumption and actively withdraw from this self-harm game. This precisely creates opportunities for patient and careful lie flatters to capture greater benefits at a lower cost.

So you see, this so-called 'willingly lie flat' and 'wait' is actually anti-human nature; facing powerful contrasts requires strong inner strength and an understanding of historical laws, rather than a hope and wait that happens in one fell swoop.

It's a simple reason; why is it so hard to do? Because to put it another way, waiting is actually 'endurance'.

Moreover, there is no such thing as enlightenment in this matter; it relies on experience and wisdom.

You must spend enough time to personally experience it, forging a heart of steel with blood and tears, to wash away the superficial and achieve a phoenix rebirth. Without experiencing this restlessness, heartache, tossing and turning, deep sorrow, sleepless nights, heart-wrenching pain, long nights of weeping, eating noodles in the dark, and weeping with tears, who dares to say they understand the meaning of lying flat and waiting?

Having said that, I've written almost enough, but understanding this point is of little use because no one can help you thoroughly. If a few books or my rambling could make you understand this principle, then there would be billionaires everywhere in this world.

Regarding endurance, there has never been such a thing as enlightenment; it mainly depends on insight, with only a difference between awakening early and awakening late.

Finally, if I must give some advice, it is what I said the day before yesterday - get your body in good shape! The aim is to use time to make up for the gap in insight: if you awaken late, then so be it! I want to live through a few more bull markets than you!

You must live through a few more bull markets; don’t believe others who say there will be no opportunities in the next bull market. There are always opportunities in a bull market. When you’ve lost all your bullets and confidence and leave in silence, that’s when there really are no opportunities!

I also really like what @kiki520_eth said before: we can't be too close to this market, nor too far from it; each of us should find our own distance and rhythm; this will make your 'waiting' more comfortable.

Lastly, I want to thank @seaotter1991 for the Jin Jun Mei, it really smells great! Starting to drink the first brew today makes me feel like everything I drank before was fake.

A good cup of tea, a breath of fresh air, a beam of sunshine; such beautiful things in life are all around us. Why should we be entangled in momentary gains and losses?

Believe in the future, believe in the beautiful! I wish everyone can soon awaken in the investment market and find their own place!