I think value investing is not about choosing between Graham and Buffett, but knowing when to use each mindset. Cheap valuations provide a margin of safety, while industry insight helps identify businesses whose earnings power is still underestimated.
For me, the real edge is understanding an industry before the market fully prices in its growth—watching consumer behavior, supply chains, competitive moats and the stage of the cycle.
But insight means little without survival. Position sizing, cash reserves and disciplined rebalancing protect capital when our thesis is wrong. I would rather miss an opportunity than lose the ability to participate in the next one.
Survive first, compound second.
@Capital_Insights [正经]
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