#内容挖矿升级 The concept of profit and loss being from the same source can actually be misleading.

Adhering to value investing in the long term is actually very difficult to incur losses.

Because the number of mistakes made is very few.

By sacrificing many ordinary opportunities,

we reduce the number of mistakes and traps.

The essence of value investing is

focusing on those high win-rate and high return opportunities

and placing great importance on the margin of safety.

It is entirely possible to effectively seize opportunities

while avoiding significant drawdowns.

Saying that profit and loss come from the same source

is because many times we are speculating.