"Warren Buffett's 1998 speech at the University of Florida is a milestone classic in the history of value investing. This particular segment—whether you've made money or not—I highly recommend you watch it. I've watched it countless times myself. In the speech, Buffett talked about an extreme case: the dream team "Long-Term Capital," composed of Nobel Prize winners, top-tier academics, and hedge fund elites. Despite having top-notch IQs, deep experience, and even betting their own massive fortunes, they went bankrupt in just four years. Why do smart people do stupid things? Buffett's answer is both piercing and insightful: don't risk what you need for something you don't need. His core logic is "get rich once"—when you're already wealthy, the main issue isn't becoming "super rich," but rather "not going broke." In this world, smart people often think they can beat all odds, only to fall victim to overconfidence. Wise people, on the other hand, understand the importance of respecting the market, sticking to principles, avoiding what they don't understand, not using leverage, and not gambling their fortunes. They rely on steady, long-term accumulation, letting compound interest carry them further. When it comes to making money, it's okay to go slow—the key is not falling into traps. #ValueInvesting #Buffett #Wisdom