Value investing is not about making the right judgment quickly, but about consistently making the right judgment.

In the stock market, many people mistake intelligence for quick reactions, accurate judgments, and early intervention. However, after long-term market participation, I've gradually realized that value investing truly tests not your ability to make a single correct judgment quickly, but your ability to consistently maintain the correctness of your judgments over a sufficiently long period. Investment decisions that can truly maintain correct judgments over the long term often possess three characteristics: 1: Judgments are based on verifiable business logic. 2: Judgments can tolerate short-term apparent errors. 3: Judgments do not rely on continuous external stimuli to maintain confidence. Value investing is not a race against time, but a marathon of endurance. Making correct judgments quickly relies more on luck, while consistently maintaining correct judgments relies on logic, discipline, and patience. In a market full of uncertainty, the ability to consistently maintain correct judgments over the long term is itself the most scarce and valuable skill.