Tigris | 会讲课教授是好老师 · 2025-11-22 · 帖子

I lived through every crash since 1987. They all looked different on the surface, but the pattern never changed. They arrived faster than anyone expected and wiped out what looked safe. Real investing was never about guessing moves. It was about building a system that protects you from yourself. Know the business, pay a fair price, and always keep a margin of safety. 2025 reminded everyone that high multiples without rising profits do not survive. Amazon proved even giants get punished when earnings lose momentum. This is not bearish. It is markets becoming rational again. Hype fades. Fundamentals stay. And investors who respect discipline are the ones who walk out stronger.