What is the difficulty of value investing in TMD? Why is it so difficult to do? For ordinary traders, the difficulty lies in confronting human nature. Because price investing itself is boring, tedious, and even inhumane most of the time. Of course, what I mean by price investing is aimed at ordinary defensive investors. To become a master of price investing like Buffett Graham, one needs to learn and practice seriously. In reality, the vast majority of people cannot achieve this, and the price investing model that is easy to practice and imitate has been referred to as a "defensive investor" by Graham. Entering in fear and chaos, leaving in the midst of a bustling crowd, price investing means recognizing the neutral valuation level of assets and rejecting excessive overflow risks. Buy below neutral level and sell above neutral level, completely ignoring the premium brought by "emotions" and "madness". Moreover, market price fluctuations are ineffective 80% of the time, and even if you accurately calculate the neutral price of an asset, it may still take a significant amount of time to realize. During this period, you will experience a tenfold increase in stocks that you did not buy on your own, while friends at the dinner table boast that stocks bought by rolling dice doubled in two months... However, your performance is annualized at 5% or 10%, with a large amount of assets stored in bonds, REITs, and even cash as "safe assets". There is a high probability that there are no miracles, and there are ups and downs every day, waiting for one's viewpoint to be verified for a long time, and then profiting and leaving when emotions gradually ferment. So even Graham suggests defensive investors to open a speculative account on a small scale, completely isolated from their investment account, and engage in stock market speculation to regulate their emotions. Since the face investment master also speculates and knows that speculation has a lot of opportunities to obtain excess profits, why not speculate directly? In fact, by looking at the current real estate market, one can find the answer. Speculation has excess profits and can also bring unequal and massive risks. For ordinary people, a failed speculation may bring unbearable consequences. The purpose of investment is not to make a fortune, but to obtain appropriate returns under controllable risks. In order to sit at the table for a long time. However, this process, especially in the early stages, is often monotonous, painful, and lengthy, especially in an emotional/narrative driven market. If you really can't control your emotions and analyze the market, then just foolishly invest like me. Wishing all brothers a smooth investment. Encouragement together!