看不懂的sol哥
看不懂的sol哥
2026机会多多
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Buffett: In this lifetime, you only need to do 5 things.
1. Study how to make money: Money can solve 90% of life's problems, and the remaining 10% can be alleviated with money.
2. Study human nature: Once you see through human nature, you can remain undefeated in trading systems.
3. Cultivate patience: Both investing and life are like a long-distance race; being eager for quick success often leads to mistakes. Before the right opportunity arises, patiently wait and do not be swayed by short-term fluctuations, so you can seize truly valuable opportunities.
4. Keep learning: The world is constantly changing, and knowledge and information are evolving rapidly. Whether it's new developments in the investment field or other types of knowledge that help enhance your understanding, maintain a passion and habit for learning to keep improving yourself.
5. Value health: Health is the foundation of everything. Without good health, no amount of wealth or wisdom can be fully enjoyed. A balanced diet, moderate exercise, and maintaining a good routine will provide ample energy for your life's long run.
15 Books Suitable for Investment Beginners (with Reading Difficulty)
I have specially compiled a list of books suitable for beginners to learn about investing. As long as you have a basic education level of junior or senior high school, you can read the books on this list without obstacles.
I hope this can help my brothers.
For each book, I will give my subjective rating (out of 10 points) and also mark the reading difficulty as I see it for beginners, divided into three levels: easy, medium, and difficult. I hope this can serve as a reference for everyone.
⭐ Investment Philosophy Category
1. "Million Financial Plan" 8 points
Reading Difficulty: Easy
Although this book is not famous, I personally started with this one.
2. "The Intelligent Investor" 9.5 points
Reading Difficulty: Medium
Buffett in his youth enlightened himself by reading this book.
3. "The Most Important Thing in Investing" 8.5 points
Reading Difficulty: Medium
Discusses some common sense issues in investing.
⭐ Celebrity Quotes Category
1. "The Tao of Charlie Munger" 9.9 points
Reading Difficulty: Medium
A must-read for Munger fans, learning the essence of investing through Munger's wisdom and humor.
2. "Duan Yongping's Investment Q&A" 9 points
Reading Difficulty: Easy
Extremely easy to read, no financial background needed to learn very important things. Even my mom loves reading it.
3. "Berkshire Hathaway Letters to Shareholders" 9 points
Reading Difficulty: Medium
A condensed version of Buffett's handwritten letters over decades, finishing it gives a preliminary understanding of orthodox Buffett philosophy.
⭐ Basic Knowledge Category
1. "Securities Law" 9.5 points
Reading Difficulty: Medium
Don't be intimidated by the title; the author is highly skilled and makes what should be dry content very down-to-earth.
2. "The World's Simplest Accounting Book" 10 points
Reading Difficulty: Easy
Extremely friendly to beginners; when learning financial statements, don't let the wrong reading order discourage your enthusiasm.
⭐ History and Data Category
1. "The Road to Value" 8.5 points
Reading Difficulty: Easy
Records major events each year since the birth of the A-share market, with detailed data. A must-read to understand A-share history.
2. "What Real Investors Read" 8.5 points
Reading Difficulty: Easy
A quality book list for value investors. (Much more professional than mine)
⭐ Practical Category
1. "Value Investing Practical Handbook" 9 points
Reading Difficulty: Medium
Down-to-earth, easy to understand, with practical cases.
2. "Peter Lynch's Successful Investing" 9.5 points
Reading Difficulty: Easy
Buffett gave a copy to each of his own children.
3. "Index Fund Investing from Beginner to Expert" 8 points
Reading Difficulty: Easy
Is there anything more suitable than index funds for beginners to practice?
4. "Security Analysis" 9.9 points
Reading Difficulty: Difficult
Actually, this book is not very suitable for beginners, but it is profound and is the "bible" of security analysis.
Insights After Playing in the Crypto Circle and Investing in U.S. Stocks!!!
High Cost-Performance Life Guide (100 Concise Sentences)
Investment and Finance
1. Don’t touch investments you don’t understand.
2. You can only earn money within your level of knowledge.
3. Resist greed in bull markets; don’t panic in bear markets.
4. Start building passive income early; it’s the foundation of freedom.
5. Don’t fantasize about getting rich overnight; sudden wealth often comes with traps.
6. Frequent trading will continuously eat into your profits.
7. Learning basic financial literacy is a low-cost way to increase income.
8. Prioritize insurance for essential needs; be cautious with financial-type insurance.
9. Never borrow money to invest; leverage amplifies disasters.
10. Combat inflation reasonably; don’t hold large amounts of cash long-term.
Health
11. The greatest fundamental asset in life is health.
12. Staying up late is the most costly consumption; avoid it if possible.
13. Health maintenance doesn’t have to be expensive; regular routines beat supplements.
14. No need for intense exercise; consistent light exercise over time is most cost-effective.
15. Treat minor illnesses promptly; letting them worsen is very costly.
16. Learn to recognize emotions; internal conflict harms more than physical labor.
17. Don’t make major decisions when emotionally overwhelmed.
18. Leave blank space for yourself; daydreaming and resting aren’t wasted time.
19. Reduce prolonged sitting; it’s a low-cost way to care for your body.
20. Accept your body’s limits; don’t fight against it.
Money and Consumption
21. Money’s role is to buy choice, not to maintain appearances.
22. Prioritize cash flow; always keep emergency funds on hand.
23. Stay away from high-interest debt; debt locks your life.
24. Distinguish between "needs" and "wants"; most spending is desire.
25. Face-saving spending has very low cost-performance; cut it as much as possible.
26. Postpone impulse purchases for 72 hours to filter false needs.
27. Prioritize buying durable, reusable items.
28. Regularly clear out idle items; idle assets are sleeping money.
29. Save first, then spend; don’t reverse the order.
30. Don’t put all your funds into a single asset.
Time Management
31. Time is a scarcer resource than money.
32. Being busy doesn’t equal being valuable; reject ineffective busyness.
33. Dare to say no; don’t cheaply sell your time.
34. Batch similar tasks to reduce switching costs.
35. Limit fragmented short video watching; it’s hard to build knowledge.
36. Set aside daily time for solitude and reflection; regularly consolidate.
37. Use tools to solve problems; don’t rely solely on manpower.
38. Standardize repetitive work to save time for value-added tasks.
39. Don’t start too many goals at once; greed leads to failure.
40. Regularly review; review is the lowest-cost growth.
Cognition and Learning
41. The ultimate difference between people is cognition.
42. Reading is a low-cost way to gain predecessors’ experience.
43. Prioritize classics; avoid chasing short-term fast content.
44. Maintain independent thinking; don’t blindly follow the crowd.
45. Admit when you don’t understand; pretending is costly.
46. Persist in small iterations; long-term accumulation widens gaps.
47. Learn thinking from experts; don’t just focus on results.
48. Don’t just collect information; focus on implementation.
49. Making mistakes is normal; repeating the same mistake is wasteful.
50. Keep curiosity; it drives long-term growth.
Social and Networking
51. Prioritize selective socializing; avoid ineffective social interactions.
52. Networking is essentially value exchange, not friend count.
53. No need to please everyone; it has very low cost-performance.
54. Timely distance yourself from people who continuously drain you.
55. Argue less; it’s hard to convince others and drains energy.
56. Leave room in speech; don’t say everything definitively.
57. A few deep friends are far better than many superficial acquaintances.
58. Don’t expect everyone to understand you; understanding is a luxury.
59. Maintain boundaries in relationships; protect yourself and respect others.
60. Maintaining goodwill doesn’t require big money; sincerity over time matters.
Career and Business
61. When choosing a field, prioritize the cycle, not just current salary.
62. Choose jobs that build skills; avoid pure repetitive labor.
63. Hone transferable skills for easier cross-field switching.
64. Don’t stubbornly fight in declining fields; you can’t beat trends.
65. Continuously build irreplaceability to increase bargaining power.
66. Stay vigilant; always maintain a sense of career crisis.
67. Side jobs should prioritize those that build skills and can convert to passive income.
68. Don’t blindly follow side hustle trends; first calculate time cost.
69. Build personal influence; it’s a low-cost way to amplify value.
70. Work is essentially value exchange, not just selling hard labor.
Mindset and Emotions
71. Pain mostly comes from overly high expectations.
72. Accept life’s impermanence; many things are beyond your control.
73. Focus only on controllable matters; let go of uncontrollable obsessions.
74. Don’t compare your pace with others; everyone’s time zone differs.
75. Allow yourself to be ordinary; play to your strengths and avoid weaknesses; no need to be all-capable.
76. Failure is feedback, not a denial of yourself.
77. Don’t be trapped by regret; the past can’t be changed; focus on the present.
78. Lower desire thresholds; the lower the desire, the easier to be content.
79. Happiness is not having more, but needing less.
80. Be content but don’t stop growing upward.
Principles for Dealing with the World
81. Don’t believe rumors; don’t spread unverified information.
82. Judge others less; judgment consumes your energy.
83. Make decisions slowly; execute decisively.
84. Always leave buffer time; don’t over-schedule life.
85. Embrace change; the times keep iterating and updating.
86. New rules and new fields are easier to break through.
87. Don’t gamble on small-probability luck; life relies on high-probability strategies.
88. Keep subtracting: possessions, tasks, relationships.
89. Actively optimize your environment; it subtly shapes you.
90. Long-termism isn’t about stubborn endurance; with the right direction, adjust flexibly.
Comprehensive Growth
91. Compound interest applies to money, skills, and health.
92. Completion is more important than perfection; don’t be trapped by perfection.
93. Try small-cost experiments; validate ideas with low cost.
94. Develop a habit of recording; writing helps clarify thoughts.
95. Make good use of AI tools; delegate mechanical work to AI.
96. Focus on creation and judgment; these are the most valuable human parts.
97. Life has no standard answers; what suits you matters most.
98. Experience more; rich experiences broaden your horizons.
99. Guard your three main foundations: health, cash flow, cognition.
100. High cost-performance life: less internal conflict, more accumulation, keep enough choices.
What truly surprised me about SpaceX's Q3 financial report was not the 161% revenue growth.
It’s that it is no longer just one company, but three completely different businesses packed into the same shell.
The first is Starlink, which is already consistently profitable.
Q3 connectivity business revenue was $5.248 billion, with an operating profit of $2.367 billion. Starlink’s consumer users reached 13.6 million, and enterprise and government revenue grew 91% year-over-year.
This part of the business is critical.
Rockets, AI, and space exploration all require massive investment, but Starlink is providing a more stable and sustainable cash flow.
It’s no longer just a “satellite internet story” but is gradually becoming a truly profitable infrastructure business.
The second is the rapidly growing AI business.
SpaceX’s SI business generated $7.56 billion in Q3 revenue, an 830% year-over-year increase, already surpassing Starlink to become the largest source of income.
Cloud service agreements, the Cursor acquisition, and Grok’s enterprise and personal applications have collectively driven this business forward.
But many only see the $7.56 billion revenue and overlook another more important figure: SI business capital expenditure in a single quarter was $16.444 billion.
In other words, the AI business is exploding, but it remains an extremely cash-burning operation.
Computing power, chips, data centers, electricity, networks—all require upfront heavy investment. Rapid revenue growth does not mean free cash flow will immediately follow.
This is why the market is now starting to reassess AI.
It’s not that AI demand has disappeared, but people are asking more detailed questions:
How long will these cloud service customers stay?
Is computing power utilization high enough?
When will capital expenditures convert into stable returns?
If financing costs rise, can the expansion pace be maintained?
The third is the space business, which is still in a high-investment phase.
Q3 space business revenue was $1.767 billion, but operating results are still close to breakeven. Rocket launches, Starship development, and satellite deployment are inherently a long-term capital and patience race.
So the structure of this financial report is very clear:
Starlink is responsible for cash flow and profits;
AI is responsible for high growth and future potential;
Space business is responsible for long-term technological barriers.
The key for SpaceX is not whether revenue can double again in a single quarter, but whether Starlink’s stable cash flow can support long-term investments in AI and aerospace; and whether AI investments can eventually generate new profits and cash flow.
The hardest part of AI has never been scaling revenue, but proving that every dollar of capital expenditure will bring back more cash in the future.
Warren Buffett: Under any circumstances, always stick to buying low-fee S&P 500.
For the vast majority of young people, the S&P 500 remains the best choice for getting started with financial management.
This is also the long-held view of layman @SVScholar and myself.
Especially in China, young people generally lack financial literacy education.
The S&P 500 has a low entry threshold, clear logic, and long-term value effectiveness, making it just right as the first entry-level product.
After investing in the S&P 500, you will quickly learn and be exposed to value recognition related to financial literacy.
I suggest brothers think repeatedly!!
Jiang Yufei specifically comments on Duan Yongping's investment quotes:
"Duan Yongping said, winning comes at the moment of heavy bets. The difference between people is not determined by small wins or losses, but by wins or losses at critical moments.
It's about whether you dare to bet 80% of your cash assets on a single stock, and whether you dare to not think about it or touch it for ten years?
Without this, you can't make money! Don't make 20 decisions a year; if you make 20 decisions a year, you will definitely make mistakes. That is not value investing. Making only 20 investment decisions in a lifetime is enough.
Investment wins at the moment of heavy bets. If you have never made a heavy bet, investing 80% of your assets, you can't really talk about investing; you are not a qualified investor. You must be confident that this thing will rise. No matter what, rain or shine, I own this company. I dare to hold a heavy position, putting 80% of my wealth into it, holding it firmly without moving it. That is called investing. This is Duan Yongping's investment philosophy of winning by heavy bets."
Li Lu
1. Investing is always the logic of a minority.
2. Investing is about predicting a fundamentally unpredictable future, so you must leave enough margin of safety.
3. The most important thing about your circle of competence is not knowing what’s inside it, but knowing where its boundaries lie.
4. Fish where the fish are; only in corners with insufficient competition are there mispricings.
5. The first principle of compounding: don’t lose what you already have.
6. Value investing is not a trading method; it is a way of thinking.
Especially in China, money is distributed by position, not by headcount.
4%: Less than 4% of the population nationwide are in civil service, public institutions, state-owned enterprises, or Fortune Global 500 companies.
3/4: This 4% of people take three-quarters of the social wealth.
3.7 years: The average lifespan of private enterprises where the remaining 96% work.
12.7 million: The number of college graduates in the class of 2026, a historic high.
And that 4% of people take 3/4 of the wealth.
The other 96% share the remaining 1/4.
Why? Because money is not distributed by headcount, but by position.
The same bachelor's degree, the same eight hours a day.
Grassroots positions in state-owned enterprises pay 6-8K, and it takes 6-7 years to reach middle management.
Grassroots positions in foreign Fortune 500 companies pay 12-18K, and it takes 3-4 years to reach middle management.
Private enterprises have the largest range, from 3K to 30K.
There is also a layer of difference by city.
Beijing, Shanghai, Guangzhou, and Shenzhen have an overall increase of 30-50%, while third- and fourth-tier cities have an overall decrease of 20-40%. The same position in a different city can differ by a factor of two.
In fact, most people have only one way to sell themselves: selling time.
Going to work means selling a day to the company. Overtime means selling the evening as well. Taking private jobs is also sold by the hour.
Time has two hard limits. There are only 24 hours in a day, and the years you can sell are limited.
Li Xiaolai did the math. A person can legally sell only about 10% of their lifetime.
After deducting sleep, meals, commuting, being underage, and retirement, the actual time available to sell is just this much.
Using this 10% to exchange for linear income has a visible ceiling.
So another thing must be done simultaneously.
Ordinary people change their fate not by betting on the right year, but by accumulating two things together: building skills and accumulating capital.
Financial literacy schools don’t teach this, but it can be self-taught.
The first step is not learning to trade stocks, but learning to save money.
When your salary arrives, set aside a portion first, even if it’s only 10%, and spend the rest.
This money remains untouched; it is the foundation for all future choices.
Where to put spare money?
My simple advice is for young people to regularly buy the S&P 500.
Don’t guess the timing, don’t bet on individual stocks, buy a little each month, and keep buying even when it drops.
It holds the 500 largest companies in the U.S.; you are buying into this system that keeps rolling forward on its own.
Not fast, not thrilling, but it doesn’t force you to watch the market every day, nor does it force you to keep selling your time.
Buying is the first step; holding on is the second.
Most people get stuck at the second step.
Stick with it for 20 years, especially contemporary young people in China. You will thank yourself.