There are two ways to make money in the capital market: 1) profit from growth, and 2) profit from the market.

The former is investment, the latter is speculation... There is no inherent good or bad, it depends on your choices and risk tolerance... The success of investment lies in whether you can achieve sustainable results... If you encounter huge drawdowns and massive losses, and then give up on yourself, you are simply not cut out for investing—consider a career change... More valuable than avoiding losses is your ability to recover, meaning reflecting on your mistakes and avoiding repeating them... Buffett, Munger, and Lao Duan have all suffered huge losses—investment losses are normal and common, but most people hate them! You need to think about why you are who you are today. It’s shaped by your heart, thoughts, and actions...