Great! These are three actionable suggestions Charlie Munger gave to young investors in his last public interview at the age of 99: I could have had twice as much wealth if I hadn't made that foolish mistake 50 years ago. It's not that I missed Apple or Google, but that I bought something I didn't understand because I thought I was smarter than before, Most people start investing this way, overconfident, fantasizing that they will be smarter than others, it's nonsense. The market doesn't care about your dreams, nor does it care about your smart small cap stocks. It punishes arrogance faster than any casino, at least in the casino, you know your chances of winning are not high. In the market, people believe they are geniuses before losing everything. I grew up in the Great Depression, and my family almost lost everything. I have known for a long time that money is not magic, it disappears faster than it does. If you want to hold onto your wealth, you need to follow the rules. Most people don't like rules, they prefer stories about luck, they want shortcuts, and they want some "whispers" from masters about what to buy, which are all garbage. The truth is boring, if you want to invest successfully, you need to follow a few simple principles and let these principles run through your life for a lifetime: Don't go with the flow and chase hot topics, don't borrow money to save face, and don't think you will become the next Buffett. I'm not here to sell you optimism, I'm here to tell you how to avoid stupidity. Avoiding stupidity is more useful than chasing glory. It can make you live long enough to wait for compound interest to take effect. So remember, if you are a beginner, don't chase after popular stocks, forget about intraday trading, and forget about complex charts and magic formulas. The road to wealth ultimately has three rules, simple and rough, and non-negotiable: 1. Only invest in things you can understand 2. Don't spend money that doesn't belong to you 3. Be patient, be more patient than you imagine That's all. Understanding these means you've restrained the urge to complicate things. People dislike simplicity, and we are addicted to noise and drama, but to earn investment returns, we need to be calm, bored, and disciplined. mutual encouragement