Inspiration
Summary of crucial inspiration for me (ruminated from masters' ideas, or random thoughts of my own):
1. 在股市中，预期比结果重要。
In stock markets, expectation is more important than results.
2. 谁钱多谁赢（决定股的价位和走势），无论价位合不合理。在趋势市，不要与势对抗（譬如在牛市中做淡），除非你的钱多到能改变趋势。
It's a money game, the side with more $ decides the price and trend, regardless whether price level is fair or not. Do not bet against the trend in a trending market, unless your $ is gigantic enough to change the trend.
1. 在股市中，预期比结果重要。
In stock markets, expectation is more important than results.
[from Alex Wong's 自己做Fund Man series]
2. 谁钱多谁赢（决定股的价位和走势），无论价位合不合理。在趋势市，不要与势对抗（譬如在牛市中做淡），除非你的钱多到能改变趋势。
It's a money game, the side with more $ decides the price and trend, regardless whether price level is fair or not. Do not bet against the trend in a trending market, unless your $ is gigantic enough to change the trend.
[from Alex Wong's 自己做Fund Man series]
3. Catalyst is needed to unlock the value of a depressed stock. Without it, no matter how undervalue it is, it will most likely stay undervalue. This is perhaps the first misunderstand of value investing for me, you can't simply buy undervalue stocks and hope market will realize the value of it.
[from Seth Klarman's Margin of Safety]
4. In a bull market, bearish stocks might be dumped even further from its fair value, as holding it incurs huge opportunity costs.
2017-11
5. 可以追高，不可以追急升。It's ok to buy high, but its' foolish to chase after sudden spike.
2017-11
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