Munger's 3 Most Valuable Principles for Investment Survival: 1. Lower your expectations. Lowering expectations is essentially about maintaining a good mindset—don’t compare yourself to others, don’t envy others, and don’t let greed dominate your mind. If your expectation is 100 points but you only score 80, your happiness index is -20. On the other hand, if your expectation is just 10 points and you score 80, your happiness index is 70. These are two completely different mindsets. By keeping expectations low, you can maintain a calm attitude when facing all kinds of so-called get-rich-quick myths in the capital market. You can accept them calmly, congratulate others on their achievements, and clearly understand your own boundaries and circle of competence. 2. Have enough cash flow and reserves to survive the winter. After cultivating the soft skill of a good mindset, you also need hard skills—like having enough cash flow during tough times. The cycle of spring, summer, autumn, and winter applies to financial markets as well. For thousands of years, this cycle has repeated without change. If there’s spring, there will be autumn; if there’s summer, there will be winter. Always maintain the awareness to prepare funds and resources for winter. When the heavy snow seals the mountains and others run out of resources, you’ll still have food, drink, and ammunition to plan for spring and autumn. This is a solid capability. 3. Continuously develop your irreplaceable core competencies. No matter how times change, you must have the ability to adapt to the new era. Don’t be the dinosaur that fails to adapt to environmental changes. Lifelong learning is key—learning ability is the number one productive force.