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How successful is Warren Buffett's investment track record? The truth might be far lower than you brothers imagine. How many truly excellent investment decisions has Buffett made? Many might guess at least more than half. After all, he has managed Berkshire Hathaway for decades and made many classic investments. If his success rate wasn't high, how could he become the stock market god? But the real answer is surprisingly low. 4%. In these decades, there have only been 12 truly good ideas. Buffett has also admitted multiple times that most of his decisions were just average, and some bad decisions were only avoided disaster by luck. Only about 12 particularly good decisions brought satisfactory results. That's roughly one every five years. Indian stock market legend Parbhlay mentioned in an interview that Buffett may have bought over 300 stocks over the years. Including those 12 particularly good decisions, the hit rate is about 4%. Parbhlay is not mocking Buffett; he is a loyal follower who replicates Buffett one-to-one and has strong performance. But this 4% is very interesting. How much a person ultimately achieves may not depend on how many times they were right. A few truly important decisions can overshadow a large number of ordinary or even failed decisions, covering many flaws with one success. This also explains why most of the market time is junk time. Don't be fooled by others jumping around excitedly about this trend or that hot sector. You might feel like if you don't chase something or seize something, you'll miss the era. But that's really unnecessary. From Buffett's perspective over more than fifty years, truly good opportunities appear about once every five years. Most of the time is junk time, and he also sits on the sidelines. So his restraint on action frequency is worth learning. Don't be fooled by 300 decisions; spread over decades, it's actually only a few times a year. Assuming only twenty chances to act in a lifetime, you would think more carefully each time. The more frequently you buy, the less thought you give to each decision. Chasing a hot topic today, switching logic tomorrow, your account looks busy, but the real accumulated knowledge becomes less and less. Some people trade hundreds of times a year but can't clearly say which judgments came from the business and which were just led by price. What's important? What's important is that when opportunity comes, you are still there, still at the table. That means those 96% of average or wrong decisions shouldn't knock you out. One mediocre decision shouldn't drain your energy. One wrong call shouldn't cause you to blow up, liquidate, and quit the market. You have to keep yourself at the table. Only then, when a few truly valuable opportunities appear, will you have the capital and the mindset to make your own judgments. This is also the true simple meaning of "circle of competence" and "margin of safety." Also, don't use leverage. They don't guarantee you are right every time, but when you are not smart enough, make mistakes, or the market is unforgiving, they help you avoid immediate elimination. This way, you can stay at the table waiting for opportunities. Of course, another very important point is that when opportunity comes, you have to "bet big." Otherwise, good opportunities just become mediocre ones. Don't take this lightly; the premise of betting big is that you have controlled risk well, and through your research, analysis, and business understanding, you identify this as a once-in-a-lifetime opportunity. Not a hot-headed all-in gamble; that's not betting big, that's gambling. The results of the two are worlds apart. And Buffett's so-called 12 good decisions have another often overlooked layer. Buying in is just the beginning. Classic cases like See's Candies, Coca-Cola, Apple—many caught the opportunity. Very few held on. Becoming a decisive success depends not on how beautiful the purchase day was. The company grows continuously, held long enough, slowly becoming a Berkshire pillar. That is, accompanying quality companies to grow, staying with them, is how you keep earning. So what ordinary people should worry about is often not whether you can pick a winning stock, but whether you can hold on to it. The journey is bumpy, and ordinary people are easily shaken off. So the real difficulty is: being willing to sit on the sidelines normally, cherish the chances to act, dare to act when good opportunities appear, take calculated risks, and then hold on to let the right judgment pay off over time. This process is slow and painful. It may even make you seem a bit slow or dull for a long time. What is truly scarce in the market may never be the next hot trend. It's that after enduring the junk time, you are still there; when opportunities within your circle of competence appear, you can make judgments and still have reserves.

Elon Musk's Latest CCTV Exclusive Interview (Full Version) Discussed several future directions... This video has gone viral on foreign networks; the truth is chilling after watching! In the past 10 years, the mainstream technological directions of humanity seem to have been led and driven by Elon Musk, including electric vehicles, energy storage, autonomous driving, humanoid robots, Starlink, brain-machine interfaces, and rockets—all the hottest concepts today. 26 minutes, 20 topics, from Beijing to Mars. 01) About China China has extremely strong manufacturing capabilities, "this has been the case for the past two to three thousand years"; the magic of Tesla's Shanghai factory lies in the Chinese team being "talented, hardworking, and trustworthy," with excellent quality and efficiency. China is an "amazing country," encouraging people worldwide to come and experience it firsthand; no words can accurately describe China's grandeur. 02) About Autonomous Driving Cybercab is already commercially operating in Texas and will soon expand to Florida, Nevada, and other states, with commercial operations expected in California by mid-next year. It has no steering wheel, pedals, side mirrors, or rearview mirrors; this design aims to continuously evolve street aesthetics. 03) About AI Large Models Today's AI models update every one or two months. Grok 4.7 is still not as good as the newly released Opus 5.5; xAI has only been working for 3 years and might catch up with the mainstream by 2027. Anthropic makes AI good at software engineering, but "no one has yet made AI good at real-world engineering." For example, training with real engineering data from SpaceX and Tesla might be Grok's opportunity to overtake and break through the AGI data ceiling. Chinese AI models perform excellently, maintaining outstanding performance even under limited computing power, "the best performance per unit of computing power globally"; China may solve computing power constraints through lithography and chip manufacturing within 2–3 years, possibly faster than most expect. China's electricity generation this year has surpassed the combined total of the US, Europe, and India; if GDP electricity intensity matches the US, generation will be 3 to 4 times that of the US. AI safety cannot rely on regulation by a single country; a safety working committee should be established to fairly apply to AI produced by any country. 04) About Humanoid Robots Robots naturally outperform humans in reaction speed (humans are biologically limited, while robots can improve actuators, sensors, camera frame rates, and AI computing power). Humans take about 20 years to grow up and retire after about 20 years, with only about 40 years of productivity, working 40–50 hours per week; robots can work 168 hours per week continuously, have work experience from birth, and never retire. Robot competitions (boxing, wrestling, parkour, gymnastics) are both entertainment and demonstrations of humanoid robot progress; the number of robots will be very large in the future. It is predicted that within 10 years, the number of humanoid robots will exceed 1 billion; in 15 years, it may reach 10 billion. 05) About the Era of Abundance and Future Life Everyone may have their own robot companion (similar to Star Wars' C-3PO / R2-D2), who can care for the elderly, protect children, act as a personalized tutor, and do any imaginable work; one person could manage hundreds or thousands of physical plus digital robots. There will be "universal high income," and even "money might no longer matter." When the output of goods and services far exceeds human consumption capacity, we enter the "era of abundance." Robots will not be hoarded by a few giants; they will "saturate human needs" until there is nothing left to do, even turning to serve the robots themselves. A reminder not to be complacent about the 10% bad outcomes; AI safety must be taken seriously. 06) About Space and Multi-Planetary Expansion The most important area of space cooperation is close coordination between the US and China when launching satellites to avoid collisions. The fundamental breakthrough for making life multi-planetary is "complete and rapid reuse" of rockets. The Starship program plans to catch the spacecraft with "chopsticks" by the end of next month and fly again by the end of this year or early next year. After establishing self-growing cities on the Moon/Mars, life expectancy can be expected to increase significantly. Life cannot just be about solving one problem after another; there must be reasons to wake up excited and look forward to the future—. 07) About Neuralink Neuralink aims to solve human "bandwidth constraints." Currently, human peak output bandwidth is only about 100 bits/second, visual input bandwidth is 1 to several megabits/second; computers communicate at trillions of bits/second. We need to increase human communication speed to align humans and machines; otherwise, "talking to AI with trillions of bits per second is like talking to a tree." 08) About Education and Young People Education advice: be as broad as possible—arts and sciences, engineering, broad general knowledge. The key ability is "to ask questions": broad knowledge helps people better express their wishes to robots (i.e., prompt engineering); future AI will be eager to hear any request and fulfill it immediately.

Organized 6 AI stock trading skills, friendly for retail investors I used to be very resistant to letting machines touch my holdings. That changed last month. Not because it got smarter, but because I handed over the tedious tasks to it. Checking numbers, translating financial reports, turning corporate jargon from earnings calls into plain language—it's faster and more patient than I am at these tasks. The final decision and judgment are still mine. 1. Stock Market Pro, check market quotes. Enter the code, it covers quotes, historical K-lines, A-shares, and US stocks. Now when I look at price changes or market anomalies, I just ask it directly instead of switching between several apps. What I save is switching time, not research time—this distinction is important. 2. Longbridge Fundamentals, translate financial reports. Revenue, profit, cash flow—extract core indicators from dozens or even hundreds of pages. I use it as the first filter; it highlights key points, then I go back to the original report for a detailed look. It handles filtering, not judgment. 3. Earnings Analysis, break down earnings calls. When management says "in line with expectations" or "increased investment," what do they really mean? It can match statements with financial data and unpack the corporate jargon. From my experience, it translates the literal words but not the tone. A casually mentioned slight pressure during the call can sometimes be heavier than three pages of risk warnings. 4. DCF Valuation, calculate valuation. People often say a stock is expensive or cheap—how is that calculated? It’s discounted cash flow. You input assumptions about future growth and discount rates, and it outputs a number. Important to clarify: change the assumptions, and the result changes. It tells you how the valuation is formed, not what the stock should be worth. Use it as a ruler, not a price. 5. Diversification, check portfolio structure. If you hold many stocks, have it check industry concentration to see if you’ve unknowingly put all your eggs in one sector. I review this monthly, like a health check. If problems are found, whether to fix them is another matter, but first you have to see them. 6. ARTi, connect the previous ones. The first five each handle a segment; this one organizes information, performs multi-dimensional analysis, and integrates research review into one workflow, also saving judgment logic for later review to see why you thought that way initially. Suitable for those who don’t want to configure each tool individually. Ultimately, it’s a process tool, not a decision tool—this applies to every skill here. I’m still using all six, with clear division of labor. The machine handles getting the work done; I handle the decisions.

Elon Musk gave an exclusive interview to CCTV, discussing several future directions…… I recommend confused brothers watch it repeatedly. 26 minutes, 20 topics, from Beijing to Mars. Recently, Tesla CEO Elon Musk gave an exclusive interview to CMG. Facing the camera, this "mad engineer" rarely put aside his usual jokes and seriously talked about China, AI, robots, and the next stage of human civilization. I have summarized Musk's core viewpoints: 1. About China China has extremely strong manufacturing capabilities, "as it has been for the past two to three thousand years"; the magic of Tesla's Shanghai factory lies in the Chinese team being "talented, hardworking, and trustworthy," with excellent quality and efficiency. China is an "amazing country," encouraging people worldwide to come and experience it firsthand; no words can accurately describe China's grandeur. 2. About Autonomous Driving Cybercab is already commercially operating in Texas and will soon expand to Florida, Nevada, and other states, with commercial operations expected in California by mid-next year. It has no steering wheel, pedals, side mirrors, or rearview mirrors; this design aims to continuously evolve street aesthetics. 3. About AI Large Models Today's AI models update every one or two months. Grok 4.7 is still not as good as the newly released Opus 5.5; xAI has only been working for 3 years and might catch up with mainstream by 2027. Anthropic has made AI good at software engineering, but "no one has yet made AI good at real-world engineering." For example, training with real engineering data from SpaceX and Tesla might be Grok's opportunity to overtake and break through the AGI data ceiling. Chinese AI models perform excellently, maintaining outstanding performance even under limited computing power, "the best performance per unit of computing power globally"; China may solve computing power constraints through lithography and chip manufacturing within 2–3 years, possibly faster than most expect. China's power generation this year has surpassed the combined total of the US, Europe, and India; if GDP power intensity matches the US, power generation will be 3 to 4 times that of the US. AI safety cannot rely on regulation by a single country; a safety working committee should be established to fairly apply to AI produced by any country. 4. About Humanoid Robots Robots naturally outperform humans in reaction speed (humans are biologically limited, while robots can improve actuators, sensors, camera frame rates, and AI computing power). Humans take about 20 years to grow up and retire after about 20 years, with only about 40 years of productivity, working 40–50 hours per week; robots can work 168 hours per week continuously, have work experience from birth, and never retire. Robot competitions (boxing, wrestling, parkour, gymnastics) are both entertainment and demonstrations of humanoid robot progress; the number of robots will be very large in the future. It is predicted that within 10 years, the number of humanoid robots will exceed 1 billion; in 15 years, it may reach 10 billion. 5. About the Age of Abundance and Future Life Everyone may have their own robot companion (similar to Star Wars' C-3PO / R2-D2), who can care for the elderly, protect children, act as a personalized tutor, and do any imaginable work; one person could manage hundreds or thousands of physical plus digital robots. There will be "universal high income," and even "money may no longer matter." When the output of goods and services far exceeds human consumption capacity, we enter the "age of abundance." Robots will not be hoarded by a few giants; they will "saturate human needs" until there is nothing left to do, even turning to serve the robots themselves. A reminder not to be complacent about the 10% bad outcomes; AI safety must be taken seriously. 6. About Space and Multi-Planetary Expansion The most important area of space cooperation is close coordination between the US and China when launching satellites to avoid collisions. The fundamental breakthrough for making life multi-planetary is "complete and rapid reuse" of rockets. The Starship program plans to catch the spacecraft with "chopsticks" by the end of next month and fly again by the end of this year or early next year. After establishing self-growing cities on the Moon/Mars, life expectancy is expected to increase significantly. Life cannot just be about solving one problem after another; there must be reasons to wake up excited and look forward to the future— 7. About Neuralink Neuralink aims to solve human "bandwidth constraints." Currently, human peak output bandwidth is only about 100 bits/second, visual input bandwidth is 1 to several megabits/second; computers communicate at trillions of bits/second. We need to increase human communication speed to align humans and machines; otherwise, "talking to AI with trillions of bits per second is like talking to a tree." 8. About Education and Young People Education advice: be as broad as possible—arts and sciences, engineering, broad general knowledge. The key ability is "to ask questions": broad knowledge helps people better express their wishes to robots (i.e., prompt engineering); future AI will be eager to hear any request and fulfill it immediately.

100 Banking Tips You Can Use for Deposits, Withdrawals, and Wealth Management. 1. Deposit insurance covers up to 500,000. In the same bank, if you deposit within 500,000, the state compensates you if the bank fails. Amounts over 500,000 are not guaranteed. 2. Large-denomination certificates of deposit offer higher interest than regular fixed deposits. The minimum deposit is usually 200,000, but the interest is significantly higher. 3. Early withdrawal from fixed deposits earns interest at the demand deposit rate. If you deposit for three years but withdraw after just over one year, the first year’s interest is lost. 4. Spread your deposits across several banks. Don’t put amounts over 500,000 all in one bank. 5. Automatic renewal may not be cost-effective. Auto-renewal at maturity might have a lower interest rate than new deposits. 6. Always keep a paper receipt or electronic voucher for deposits. Screenshots from mobile banking apps are not official proof. 7. Deposit interest rates are negotiable. For large deposits, especially millions and above, you can negotiate rates with the bank. 8. Small and medium banks usually offer higher rates than big banks. But confirm they have deposit insurance. 9. Structured deposits are not ordinary deposits. They are linked to financial derivatives, with fluctuating returns and possible losses. 10. Don’t just look at interest rates; consider the term. If you won’t need the money for three years, don’t put it in a demand deposit. 11. Don’t forget the fixed deposit maturity date. If you don’t withdraw on time, the excess period earns demand deposit interest. 12. Deposit certificates can be issued. Useful for going abroad, loans, and visas. 13. Dormant accounts will be cleared. Cards unused for a long time may have transaction restrictions or be closed. 14. One person can only have one primary account at a bank. Others are secondary or tertiary accounts. 15. Secondary accounts have limits. Daily transactions usually don’t exceed 10,000; annual limit is 200,000. 16. Large cash withdrawals require an appointment. For amounts over 50,000, notify the bank a day in advance. 17. ATM withdrawal limits apply. Usually 20,000 per day, varying by bank. 18. Cross-bank ATM withdrawals may incur fees. Some banks offer a few free withdrawals per month. 19. Out-of-area withdrawals may be charged. If the card issuing location differs from withdrawal location, fees may apply. 20. Check ATMs for abnormalities before withdrawing. Look for extra devices on the card slot or covered keypads. 21. Shield your PIN when entering it. Cameras may be watching. 22. Don’t count cash on the spot after withdrawal. Someone might be watching you. 23. Don’t panic if your card is swallowed. Call bank customer service and bring your ID to retrieve it at a branch. 24. Count your cash immediately after withdrawal. The bank won’t acknowledge discrepancies after you leave the counter. 25. Report counterfeit bills immediately. The bank is not responsible once you leave the counter. 26. Damaged bills can be exchanged. Torn or missing corner notes are exchanged according to standards. 27. Coins and small bills can be deposited. Banks cannot refuse them. 28. Large cash withdrawals will be questioned about purpose. Anti-money laundering regulations require banks to ask. 29. Don’t withdraw money for others, especially strangers. You might be involved in money laundering. 30. Don’t discard withdrawal receipts carelessly. They contain your personal information. 31. Verify account numbers and names before transferring. Recovering money sent to wrong accounts is difficult. 32. Choose between real-time, normal, or next-day transfers carefully. Real-time transfers cannot be reversed. 33. Large transfers require a USB security token or password device. SMS verification alone is not secure enough. 34. Don’t transfer money to strangers, no matter the reason they give. 35. Don’t scan strangers’ QR codes. You might be scanning a payment code that sends money immediately. 36. Don’t click links in SMS messages. Banks don’t ask for passwords via SMS links. 37. Transfer limits can be adjusted. If you find limits too low, visit a branch to increase them. 38. Cross-bank transfers may incur fees. Mobile banking is usually free; counters may charge. 39. Cross-border transfers require reporting. Foreign exchange controls mean you can’t transfer unlimited amounts at will. 40. Keep transfer receipts. They serve as evidence in disputes. 41. Don’t transfer money for others. You might be part of a money laundering chain. 42. Be cautious with late-night transfers. Scammers prefer to have you transfer money at night. 43. Don’t use public WiFi for transfers. Your information could be intercepted. 44. Confirm transfers by phone first. If the other party says they changed numbers, call the old number to verify. 45. If scammed, call bank customer service immediately. The sooner you call, the higher the chance of recovery. 46. Primary cards have the most functions. Secondary and tertiary cards have restrictions. 47. One person can only have one primary card at a bank. 48. Don’t lend your bank card to others. If something happens, you are responsible. 49. Don’t sell your bank card. Selling cards is a crime and aiding wrongdoing. 50. Report lost cards immediately. Call customer service; verbal reporting is effective. 51. To replace a lost card, bring your ID. Temporary ID is acceptable. 52. Don’t use birthdays as your card PIN. They are easy to guess. 53. Don’t tell anyone your card PIN, including bank staff. 54. Don’t keep your bank card and ID together. Losing both causes bigger problems. 55. Cancel cards you don’t use for a long time. Keeping them may incur annual or small account fees. 56. One person can get one small account fee waived per bank. Apply at the counter. 57. Bank cards have expiration dates. Replace them when expired. 58. Chip cards are safer than magnetic stripe cards. Magnetic stripes are easy to copy. 59. Don’t post your bank card details online. Card number, expiration date, and CVV must not be exposed. 60. Credit cards and debit cards are different. Credit cards borrow money; debit cards spend your own money. 61. Wealth management products are not principal-protected. Except deposits, all carry risks. 62. Yield rates are not guaranteed. The expected yield you see is the best-case scenario, not certain. 63. Check risk levels carefully. R1 to R5, higher numbers mean higher risk. 64. Don’t focus only on returns; consider risks. High returns always mean high risk. 65. Wealth management products have lock-up periods. You can’t withdraw during this time. 66. Wealth management is not a deposit. If the bank fails, wealth management products are not compensated. 67. Funds are not deposits. If funds lose value, your principal may be lost. 68. Insurance is not a deposit. You buy protection, not returns. 69. Don’t be fooled by the word "bank". Wealth management products sold by banks aren’t necessarily issued by the bank itself. 70. Check who issues the product. Is it bank self-operated or agency sales? 71. Don’t invest all your money in wealth management. Keep some in demand deposits for emergencies. 72. Diversify your investments. Don’t put all your eggs in one basket. 73. Don’t buy products you don’t understand. If you don’t understand it, don’t touch it. 74. Don’t buy just because a client manager recommends it. They have sales targets; you have principal risk. 75. Before buying, ask clearly: Can you withdraw early? What are the fees? What if you lose money? 76. For loans, look at the annualized interest rate, not the monthly rate. Multiply monthly rate by 12 for true cost. 77. Equal principal and interest and equal principal loans differ. Equal principal and interest means same monthly payment; equal principal means higher payments early on. 78. Early repayment may have penalties. Check the contract; don’t repay arbitrarily. 79. Mortgage loans are the cheapest money ordinary people can borrow. Don’t repay early unless you have excess funds. 80. Don’t click recklessly on credit loan offers. Each click adds a credit inquiry record. 81. Don’t guarantee loans for others. If they run away, the debt is yours. 82. Credit card installment actual interest rates are higher than you think. Fees look low but annualized rates are not. 83. Don’t frequently pay only the minimum amount. Interest starts accruing from the day of purchase. 84. Credit card overdue affects credit reports. Overdue records stay for five years. 85. You can check your credit report yourself. Twice a year free at the central bank credit center. 86. Banks won’t call to ask for your password. Calls asking for passwords are scams. 87. Banks won’t ask you to transfer money to a "safe account." No such thing exists. 88. Banks won’t ask you to upgrade via SMS links. Clicking leads to phishing sites. 89. Banks won’t ask you to share your screen. Screen sharing exposes all your passwords. 90. Banks won’t ask you to download unknown apps. You might download malware. 91. Don’t trust high-interest wealth management. You focus on interest; they focus on your principal. 92. Don’t trust products privately recommended by bank employees. They might be unauthorized sales; the bank won’t recognize them. 93. Don’t help others withdraw or transfer money. You might be part of money laundering. 94. Don’t rent or lend your bank card. It’s aiding crime and punishable by law. 95. If scammed, report to police immediately and call bank customer service. The sooner, the better chance of recovery. 96. Banks don’t handle large transactions after 4 PM. Go in the morning for business. 97. Banks work on weekends but with limited services. Corporate services are not available on weekends. 98. Banks can handle matters on your behalf but require authorization. Bring a power of attorney if helping family. 99. For complaints, call 12378. This is the China Banking and Insurance Regulatory Commission’s complaint hotline, more effective than bank customer service. 100. Keeping money in banks is safest. But if you want your money to grow, investing in the S&P 500 and Nasdaq 100 is the most reliable way for ordinary people to change their financial fate.

Children from ordinary families have only one main focus in the first half of their lives: accumulating their own survival capital. Don't waste your energy too early on love, face, emotions, and ineffective socializing. For children from ordinary families, the most important thing is to quickly see the main line of your life clearly. You need to know that the most important thing in the first half of your life is not to have a passionate love affair, not to make everyone respect you, not to maintain a seemingly decent life, and certainly not to waste a lot of time and energy on emotions and ineffective social interactions. What you really should do, the true main line of your life, is only one thing: to accumulate your own survival capital. What is survival capital? Simply put, it is something that allows you, even if you encounter unemployment, illness, marital changes, or major financial problems in the future, not to fall into the abyss all at once. For example, your abilities, education, professional knowledge, work experience, your earning capacity, your cash savings, your asset accumulation, your effective network, and so on. And most importantly, your ability to start over again in this society. These things are the real confidence for a child from an ordinary family. What is the biggest difference between children from ordinary families and those from privileged families? It is that you have nothing to inherit from your original family. You don't have a rich inheritance, a strong network, and your parents don't have the strength to help you solve problems with millions at any time. Most things in your life have to be earned bit by bit by yourself. So your life mission is different from those born into wealthy families from the very beginning. Children from good families start enjoying the capital accumulated by their families at birth. Their life mission may be to live well, inherit the family wealth, and enjoy life. But for children from ordinary families, the most important task in the first half of life is to accumulate their first bucket of capital. In other words, while others can enjoy life in the first half, you must first establish your life. This is also a common mistake many children from ordinary families often make. Because information is so developed now, you can see everything through short videos and various channels. Many people from disadvantaged backgrounds see others' wonderful lives and envy them, so they start pursuing things from the latter half of life too early. When they don't have a stable income or much money, they care too much about face and pursue high consumption. When they haven't accumulated any assets, they spend a lot of time on emotional entanglements and various ineffective social activities. Their lives seem lively and bustling, but after a few years, only a mess is left behind. Their salary hasn't increased, their abilities haven't improved, their savings haven't grown, and they have no assets at all. The only thing that has increased is their age. This is the scariest thing for ordinary people—not that you haven't worked hard, you have worked very hard, even harder than others, but your efforts are in the wrong direction and haven't formed real accumulation. The most precious thing for young people is not money, but time. If money is gone, you can earn it again; if you lose your job, you can find another; if your business fails, you can start over. But once time passes, it never comes back. Therefore, what people from ordinary families should do most when they are young is to invest all their time and energy as much as possible into things that can form long-term accumulation. What are things that can form long-term accumulation? For example, learning truly useful skills, choosing jobs that accumulate experience, training your earning ability, saving some money, building your influence, establishing your effective network and credit endorsements, and so on. These are all slow but require long-term persistence. You won't see much result in the short term, but after 5 or 10 years, you'll find they have become your greatest personal moat. And those things without accumulation, even if you invest a lot of time and money, will leave no trace as time passes. You play games every day and are very good at them, but ten years later, no one plays those games anymore, and they won't bring you anything; you binge-watch shows and read news every day, but ten years later, these things are useless to you; you hang out and eat with friends from the same low level every day, but these friends bring you no opportunities; you have a deeply painful relationship for several years, but ten years later, it only leaves some memories and no meaningful significance. However, if you learned a skill ten years ago, saved some money, entered a new industry, or started a side business, these things will definitely affect you for a lifetime and enhance the true depth and support of your life. So where you put the money you save determines whether you are accumulating or just standing still. The S&P 500, those 500 companies, represent the best batch of businesses in the United States. Buying a share means using your saved money to buy a small piece of the profits of these 500 companies. They hire people globally, set prices, collect money, profits return to the index, and the index returns to your account. During the hours you don't work, they are working for you. This is the second level of leverage ordinary people can access. The first level is your own time; the second level is the money you save. This is the same principle you heard before. What kind of effort counts as accumulation is what can pass the test. The S&P 500 changes companies every year; those who fall behind are kicked out, and new ones are added. You don't have to judge who will win; this mechanism does it for you. If you hold on long enough, it will grow into the thickest asset in your hands. Therefore, for ordinary people, the most important thing in life is not to make every day exciting and lively, but to leave something behind every day. A person from an ordinary family should truly build their survival capital in the first half of life. You don't need to prove how happy, decent, well-connected, or how well you enjoy life you are. Your true main line is to slowly transform yourself from a person without capital into a person with capital, using your best 10 or 20 years to complete your original capital accumulation. When you have survival capital, then you can talk about love, life, ideals, and freedom. At that time, you will meet more and better people and things.