Today, what struck me the most is this image—

In investing, the hardest thing is not prediction, but honesty about knowledge.

• You need to be clear about what you truly understand; this is your circle of competence.

• You need to be clear about what you do not understand; this is your baseline for avoiding risk.

• You need to be clear about which things, even if you know them, do not help with the outcome; this is your trade-off for maintaining focus.

• And most importantly, you must acknowledge that there are always areas you do not know you do not know; this is the greatest destructive power the market can wield against you.

Many people lose money not because they do not understand, but because they mistakenly think they do, and then they lose all their profits, even their principal!

The cruelty of the market lies in its ability to present a blind spot bill at any time, forcing you to pay the price of ignorance with real money.

True investment wisdom is about continuously expanding your boundaries while always maintaining a sense of humility.

Do not underestimate any penny, and do not underestimate anyone who has made money, no matter how they did it!

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