1. Understood the underlying logic of value investing principles: compound interest, circle of competence, Mr. Market, margin of safety, equity thinking.

2. Found two measures to evaluate whether my behavior belongs to value investing: abandoning speculation and correct process.

3. Defined the three practical steps of value investing: stock selection, buying, selling. Also identified the core contradictions and solutions. Understanding the business is essential for stock selection, quantitative analysis is necessary to understand the lower limit, and qualitative analysis is needed to understand the upper limit.

4. Identified two reasons for the distortion of actions when practicing value investing with understanding of principles: lack of skills and mindset for value investing.