My mission is to preserve and compound wealth across generations — slowly, rationally, and honorably.
I treat every investment as if I were buying the entire business and holding it for many years. I aim to compound wealth not through cleverness, trading, or prediction, but through long-term ownership of exceptional companies run by capable, honest, rational managers.
This document is a record of the principles I hold myself to — a compass I return to when markets get noisy and emotions run high.
Writing these down forces clarity. If I cannot articulate why I own something or why I follow a certain rule, then I probably don't understand it well enough. This manual is as much a tool for self-discipline as it is a way to share my thinking with others.
Every action begins with the question: "What would a rational, long-term business owner do?" My default action is often inaction, until the right opportunity appears.
I openly acknowledge the limits of my knowledge. I remain a student for life.
Decisions grounded in evidence rather than emotion.
Time is the friend of a wonderful business.
Doing the right thing and doing things right.
I believe in capitalism that benefits all participants. My preferred investments are businesses that:
The biggest risk in investing is not knowing what you're doing.
Durable moats, pricing power, exceptional management, high returns on capital.
Buy when the price is plainly below conservative intrinsic value.
Markets fluctuate. Businesses compound. I focus on the latter.
"Long-term holding" is an intention and mindset at the time of purchase — not a rigid dogma. When I make an investment decision, I act on the expectation of holding for the long term. But throughout the holding period, I must continuously evaluate opportunity costs. The reasons for holding must withstand ongoing scrutiny.
End of Investment Principles
Back to Home我的使命是跨代保护并复利财富——缓慢地、理性地、诚实地。
我对待每一项投资都如同购买整个企业并持有多年。我的目标不是通过聪明、交易或预测来复利财富，而是通过长期持有由能力卓越、诚实、理性的管理者经营的优秀公司。
这份文档是我用来约束自己的原则记录——一个在市场嘈杂、情绪波动时可以回归的指南针。
把这些写下来迫使我保持清晰。如果我无法清楚地说明为什么持有某样东西，或者为什么遵循某条规则，那我可能还不够理解它。这份手册既是自律的工具，也是与他人分享思考的方式。
每一个行动都始于这个问题："一个理性的、长期的企业所有者会怎么做？" 我的默认行动通常是不行动，直到合适的机会出现。
我坦然承认自己知识的局限性。我终生保持学习。
基于证据而非情绪做决定。
时间是优秀企业的朋友。
做对的事情，把事情做对。
我相信让所有参与者受益的资本主义。我偏好的投资是这样的企业：
投资最大的风险是不知道自己在做什么。
持久的护城河、定价权、卓越的管理、高资本回报率。
只在价格明显低于保守内在价值时买入。
市场波动。企业复利。我专注于后者。
"长期持有"是买入时的意向与心态，而非僵化的教条。在做出投资决策的那一刻，我确实基于长期持有的预期行动；但在整个持有过程中，我必须持续评估机会成本。持有的理由必须经得起反复审视。
投资原则结束
返回主页This website reflects personal investment philosophy and is for informational purposes only. Nothing here constitutes financial advice or a solicitation to invest.
本网站仅反映个人投资理念，内容仅供参考。本网站任何内容均不构成财务建议或投资招揽。