1. I can succeed because I mastered several thinking methods when I was young and used them repeatedly.

1. Human society is intricate and complex, and behind great success or failure, there is always a synergistic effect, Warren's success is no exception.

The first factor: Mind. Warren is a very intelligent person. He is not intelligent enough to play blindfold international chess, but he is indeed naturally smart. Warren is an intelligent person, but his achievements surpass his level of intelligence.

The second factor: Warren has a strong interest in investing. Sir William Osler once said, 'No matter what line of work you are in, the first step to success is to fall in love with it.' Without a strong interest, success is impossible.

The third factor: Warren started early. Probably since the age of 10, Warren developed a strong interest in investing. Success is accumulated over time, starting early naturally has advantages.

The fourth factor, which is also a very important one: Warren is an efficient learning machine, he learns as long as he lives.

The fifth factor is trust. By gaining the trust of others, people will naturally feel a sense of pride.

The second factor, there is a public secret about Berkshire Hathaway, we prefer companies where the end-of-year profits are large sums of cash.

When valuing a company, it is important to differentiate the nature of profits. Whether it is cash profits or machines lying on idle land, simply calculating based on profit figures will definitely result in an inaccurate company valuation.

Profits that are like machines piled up on idle land, or unrecoverable accounts receivable that never materialize as cash, make a company not valuable no matter how much profit it generates. A company with a steady stream of cash profits is what holds value.

In psychology, there is a concept of reinforcement effect. Regardless of the task, continuous reinforcement helps everyone perform better. If good performance is consistently rewarded, people will strive to do better, and Warren Buffett is no exception.

I find making a list very useful when facing difficult problems. Listing out all the issues makes everything clear at a glance, ensuring a thorough consideration without any omissions.

When answering questions, it's not about responding to whatever you ask, I always choose the answers I want to give. This is my way of thinking. I consider what I don't want, and ponder on how to avoid such outcomes, which has greatly benefited me.

If I were to manage a business school, I would emulate what Harvard Business School used to do. In the past, Harvard Business School always started by teaching students about American business history. I would present the history of large corporations like General Motors in the form of a 'Value Line' chart to familiarize students with company history, lay a strong foundation, and then proceed to other subjects.

Why did General Motors rise? Why did it fall? Why was the railroad company initially very successful? Why did it later fail? Why did railroad companies constantly cause losses to investors in the past but are now worth investing in? If these questions are understood, a lot can be learned. These questions cannot be explained by ordinary people, much more difficult than calculating beta coefficients with formulas.

I have done many foolish things, and I have been struggling with my own prejudices. It is a good thing to eliminate wrong ideas, and I consider eliminating wrong ideas as a pursuit. In life, many people cling to the past, their minds full of old thoughts that new thoughts cannot penetrate. As a German proverb says: "We always get old too quickly, smart too late." Everyone has this problem.

How can one be among the few who do not go crazy like the majority and instead stand with the few who remain alert? We must remember Kipling's advice - when those around you lose their sanity, you must stay alert. For both investors and company executives, this is a valuable quality.

Fully recognizing the limitations of objective conditions, fully understanding the limitations of one's own abilities, and cautiously operating within those limits is the key to making money. This key, rather than being "humble," is more like "greed with restraint."

Both Warren and I are very aware of our shortcomings, knowing that there are many things we cannot do, so we carefully stay within our "circle of competence." We both believe that our "circle of competence" is a very small circle.

When I was young, a friend said: "Munger only studies the matters within his business, anything unrelated to his business, he does not know." Between the known and unknown, we draw clear boundaries and only operate within the known circle.

Outstanding individuals are rare, having the opportunity to follow them, walk with them, perhaps worth paying a premium for, and may receive generous returns in the future.

In several speeches, I have emphasized that to think correctly, one must establish a multi-model way of thinking and master all major models proficiently. The important models, not one less. The most significant models are not many in number, as long as they are all mastered, 98% of things in the world can be thoroughly analyzed.

In the face of difficulties, many people choose to escape. We choose to take action, at least this attitude is positive, willing to endure the current pain in exchange for long-term peace. Many people always blindly evade, unwilling to endure short-term pain. Taking the initiative to endure the immediate pain is the correct way to deal with life. Investing is the same principle, exchanging short-term pain for long-term gains.

People should continuously improve themselves. We should learn the main knowledge of various disciplines, rather than getting entangled in trivial details. I especially focus on absorbing the main knowledge of various disciplines, so as not to just see the trees and not the forest. By integrating the main knowledge of various disciplines, tremendous power can be unleashed.

Throughout my life, I have been in dialogue with the ancients. The wisdom of the sages is something many contemporary people cannot reach. If you want to meet them, it is simple; there is no need for toil, just open a book, and they will come to you. I suggest that everyone befriend the sages. I have benefited greatly from my interactions with them. From many of you present here, I cannot learn much, but Adam Smith is different; he has taught me a lot.

In the face of difficulties, I have another viewpoint. Difficulties in life come one after another, each one is a test for us, an opportunity to show ourselves. I recommend facing difficulties with this attitude, especially as you age; this attitude is very useful.

There is no shortcut to learning model thinking. On one hand, we must store a large number of models in our minds; on the other hand, we must be able to use each model skillfully. Learning this way of thinking about models has no shortcuts. Maybe there are, but I do not know. My approach is just two words: 'persistence.'

Thomas Carlyle has a famous saying: 'Instead of worrying about the vague future, it is better to keep our feet on the ground and do a good job of what is right in front of us.' This statement is very true. Most of the time, we should do well in the present, do our best, and leave the rest to fate.

I am not Jewish, but I greatly admire the humor of the Jewish people. Jews make up only 2% of the world's population, but they have created 60% of the world's humor. Despite experiencing so much suffering, Jews can still face life with a smile, which is truly admirable. I greatly appreciate the Jewish people. I suggest that you also, like me, learn the Jewish attitude of facing hardship with humor.

How can one become an intelligent and happy person? Persist in doing meaningful things; persist in being a person of value; persist in pursuing reason, integrity, and honesty. Eventually, you will surely achieve success. Setting an example is more effective than preaching. If you achieve success, others will be more willing to learn from you. If you persist in walking the right path, you are more likely to succeed. You are already on the right path; all you need to do is to persevere.

By thoroughly understanding the problem, half of the problem is solved.

I have a classification method for thinking about problems, which I will teach you. For many particularly difficult problems, I have created a special category for them, and the name of this category is "too difficult." For me, there are many things that are too difficult, so I don't even want to think about them, I just throw them into the "too difficult" category directly. There are very few simple things, but I only do simple things. This is my method of thinking about problems.

Looking back, there are always things that could have been done better. However, everyone inevitably misses opportunities at times. I always believe that things that cannot be changed should not be dwelled upon too much. Complaining and blaming others is a major taboo in life.

If you learn my method, you can also succeed. I have been successful because when I was young, I mastered several thinking methods that I repeatedly used throughout my life.

Firstly, I take the main road because fewer people walk on it. Walking the main road is true wisdom.

I also pursue rationality. On the one hand, it is the influence of genetic inheritance, and on the other hand, it is the nurturing of the family environment. I have developed the habit of pursuing rationality from a young age, which has benefited me throughout my life. This is a huge advantage. In politics and business, there are countless foolish behaviors.

Among the people I have encountered, those who have ultimately succeeded are those who remain patient and rational. They spend within their means and live modestly. They are meticulous and do things correctly. When opportunities arise, they seize them energetically. Young people of your generation, if you live like I have described, can also succeed.

No matter what happens, we should always maintain a positive attitude. Faced with any difficulty, we should think of ways to overcome it.

In the long run, those who can delay gratification will live better. Some people have been unable to control themselves since childhood, and they spend money recklessly on things like Rolex, Patek Philippe, and other flashy but impractical items. An adult should be diligent and frugal, should delay gratification, and should not squander money indiscriminately.

The quality of delaying gratification is basically innate, and this conclusion has been confirmed in psychological studies. If you have some talent for delaying gratification, and you can cultivate this talent, you are already on the path to success and happiness.

Those who want something and immediately want to get it not only achieve nothing, but may also fall into an abyss.

Lee Kuan Yew had a mantra, he often said: 'Find the right method, do it the right way.' The principle is simple, everyone understands it, but few people put it into practice.

My standard is this: I have a point of view, others hold the opposite view, unless I can refute my own point of view more forcefully than others, I have no right to speak on the issue. Practicing this mindset continuously, you are always refuting, always questioning yourself, which can reduce your ignorance.

To be happy, the first rule is to lower your expectations. This is something you can control yourself. Always having unrealistic expectations will lead to a lifetime of misery. I am very good at lowering my expectations, so I live very well.

When you are in adversity, you need to have the determination to grit your teeth and work hard. Blaming others and constantly complaining will only make things harder and more difficult.

People all hope to achieve high consumption one day, to flaunt their wealth in front of others. People's desires are the driving force behind the development of modern capitalist society. I advise young people to avoid high consumption, as that is not where you should be heading. Stay away from high consumption, stay away from flaunting wealth. The fulfillment of desires does not bring happiness. However, people's pursuit of desires does indeed drive the development and progress of civilization.

When others ask me how to be happy, I always answer, lower your expectations, that is, make your expectations more in line with reality.

Two, how to become a qualified manager?

1. I once led a company operating stamp tickets, watching its sales drop from 0.12 billion USD to 2 million USD. The drop in sales reached 99%. Watching its sales decline steadily, I was powerless. I tried various methods, hoping to stop the decline, but unfortunately, all efforts were in vain.

This experience taught me a profound truth. There are two main factors that determine the outcome: one is the situation, the other is the people. If the situation is too strong, no matter how capable you are, it will be of no avail.

2. In the past, there was an experienced elder in the investment world. Every time young people suggested taking risks, he would always say, "Those who drown in the river are those who can swim." When encountering a whirlpool, the water flow is too strong, no matter how good a swimmer you are, it is difficult to escape. Therefore, if you can win, fight; if you cannot, run.

3. Warren has a great preference for excellent management teams, but in his investment process, he never pays a price higher than the value of the assets just because the management team is excellent. The price he pays for assets is always slightly below the value of the assets. An excellent management team is part of the assets, and Warren does not pay a price higher than the value just because the management team is excellent.

4. In Warren's eyes, an excellent manager is someone who, if you throw him off a train into a remote town without giving him any money, he will honestly and diligently operate in this small town. It won't be long before he becomes rich again.

5. In Berkshire's shareholder letters, Buffett quoted David Ogilvy by saying, "Hire people who are koda than you, and we shall become giants." Buffett strongly agrees with this concept, as do I.

In the process of cooperating with others, Warren and I both set high standards for ourselves first. Because we have excellent people working hard with us, we can achieve today's results.

To find excellent partners, there is only one way, which is to be worthy of it yourself. Similarly, to work with outstanding people, you must first be an excellent person yourself.

Delegating authority to a high degree is our style. I am the type of person who either fully delegates authority, completely lets go, or does everything myself. In this regard, I don't know how to compromise. To achieve both delegation and supervision, Warren may be a bit better than me, but not by much.

Looking back at business history, many companies have had brilliant moments and made a lot of money, but after being eliminated by new technological waves, their reserves will quickly be depleted, leading to eventual extinction.

Berkshire's success is a miracle, but the vast majority of eliminated companies can only perish like Eastman Kodak. Bill Gates has studied this issue specifically, and his conclusion is that when the main business declines, the vast majority of companies will face bankruptcy. Even the mighty General Motors cannot escape this rule.

Recently, I met the CEO of Johnson & Johnson. He left a very good impression on me. He told me that they regularly reflect on and summarize their acquisition strategies.

This kind of system is excellent. If everyone can develop the habit of self-reflection, it can promote the progress of the entire social civilization. Many people always evade and dare not face their mistakes. Johnson & Johnson is doing well, not afraid of criticism, not afraid to lose face. Drawing from failures and mistakes is a virtue.

Any highly leveraged financial institution, no matter how diligent the managers are, may face unexpected losses.

The key is whether the problem can be solved immediately after encountering an accident. After the problem is exposed, many companies first think about how to cover up and pass it with accounting methods. We believe that it should be dealt with transparently and solved immediately.

13. The methods of physics require us to always pursue the essence of things. In the real world, learning to see through the essence enables us to live more at ease. Exploring the essence is not an overnight task and requires the spirit of patiently waiting on a cold bench for ten years. I like this spirit, it is a spirit of perseverance and determination until the goal is achieved.

14. Starting from the actual situation of Berkshire Hathaway, the business strategies we are currently adopting should be very reasonable. We tailor the strategies for each subsidiary company, selecting the most suitable development strategy for it. Our management style is decentralized. We respect the actual situations of each subsidiary company, allowing them to operate independently instead of issuing orders as headquarters. Over the years, this organizational form has brought Berkshire Hathaway significant competitive advantages.

15. Whether investing in stocks or managing companies, it is crucial to understand and observe people. How to accurately assess people and avoid misjudgments? This question is not so simple. You can only gain more experience and insights yourself. Just like when you walk into a Ford 4S dealership, you think about whether the company's business is good and why. It's the same with understanding people, observe more and think more.

16. I am willing to work with outstanding people and not associate with mediocre individuals. When I was a lawyer, there was a saying that I always kept in mind, "In the legal profession, if you handle your cases well, you won't have to worry about business." The software business of the Daily Journal also follows this principle. As long as we work hard and diligently, we are not worried about the future. We will encounter adversity and failures, but we will not stop moving forward.

17. Not understanding the specific software business, how do we lead the Daily Journal company? We mainly rely on understanding and properly assigning tasks to people.

18. Throughout my life, I have always dealt with people who excel at delayed gratification. Such individuals repeatedly delay gratification, always pushing satisfaction to the end of life, never truly enjoying it. We are these kinds of people. If you, like us, delay gratification, you will surely become wealthy, and you will be very wealthy when you die.

19. Managing a company, if you understand delayed gratification, you can operate the company better and better. Understanding delayed gratification in life will ensure a glorious end when you pass away.

Regardless of what I do, I am always full of love, eager to learn, and tirelessly hone my skills. Given enough time, I will naturally reach levels that most people cannot achieve. Some people can find a career they love and invest all their energy in it. Warren's achievements are remarkable. If Warren was not good at learning, Berkshire might have forever remained a small company.

In today's China, the high-speed rail network is well developed, and China's achievements are world-renowned. The United States developed by borrowing from Europe, while China's rise is based on self-reliance. They saved half of their income and are particularly good at delaying gratification. China's achievements are admirable, and their methods are very effective. I am very fond of China.

I have discovered a truth in this life: enduring hardships and suffering together, striving together to create a world, forms the closest bonds of friendship. This kind of relationship cannot be established in stable and affluent days.

In adversity, we are exhausted, struggling in pain, yet adversity can best train our will, shape friendships, and nurture success. Only through common struggle in adversity can people build a bond of sharing both joy and hardship, a bond that is truly precious.

Why has General Electric's performance plummeted? On one hand, there are external objective reasons - in the fierce competition of the business world, the company's ups and downs are normal. On the other hand, I believe that General Electric's system of rotating executives is unreasonable.

General Electric frequently shuffles its executives, moving them between different departments. Is this meant to let them accumulate accomplishments like military officers and eventually become generals? It would be better to let executives manage a business for the long term, allowing them to delve deeply into their business, just like Berkshire Hathaway does. The decline of General Electric may be somewhat related to its unreasonable management approach.

In the process of management, the most common mistake is realizing that a change of personnel is needed but hesitating to make the decision, taking a long time before replacing the unsuitable person. Even people with years of management experience are prone to making this mistake.

The bigger the company, the harder it is to establish the right culture. Just look at giants like General Motors, AT&T, their cultures are mostly uninspiring. Large companies are particularly prone to bureaucratic problems. This is a chronic condition that is not easily cured once it takes hold.

Berkshire remains highly vigilant against bureaucratic diseases. We sing an empty city strategy at headquarters, not giving bureaucratic diseases any chance to take advantage of. Without the atmosphere of bureaucracy, the upper management is clear-headed, which brings us huge advantages.

The more successful a company, the more successful a government department, the more likely they are to be blinded by success, and the more susceptible to the corruption of a bureaucratic atmosphere. With the breeding of bureaucratic atmosphere, a group of vested interests will gradually emerge, enjoying various privileges, eating well, drinking well, and using the best. Outsiders detest bureaucracy, while insiders who benefit from it vigorously uphold it. Modern civilization's success has bred bureaucracy, and within bureaucracy lies stupidity and failure, which is the tragedy of modern civilization. Isn't it so? Bureaucracy is the chronic disease of modern civilization.

Some things cannot be learned by everyone. Some people are naturally better than you, no matter how hard you try, you can't compare to them. Faced with this fact, my attitude is "it doesn't matter."

We succeed not because we are good at solving difficult problems, but because we are good at avoiding them. We simply do the easy things.

Just like our daily journal company, we have our own principles. We don't sign contracts that allow us to be lazy, to avoid our own descent into decadence.

A person who is often drunk and we all certainly stay away from. People often judge whether a person is worth dealing with based on one or two characteristics of that person. We are good at capturing the characteristics of others. For decades, being skilled in understanding and observing people has greatly helped us.

Three, there are only two or three good opportunities.

From an investment perspective, what we should focus on are those technological advancements that are groundbreaking. First, discover technological changes, then see if this industry has strong barriers to entry.

We should stay calm. The opportunity that everyone is bullish on, everyone knows that this opportunity is very real and reasonable, the prospects are exciting, simply not to be missed, people will inevitably flock and serious stampedes will occur. Opportunities that everyone is bullish on are the most likely to cause stampedes, resulting in the most devastating losses.

Warren often talks about the difference between good and bad deals. He said, a good deal, every decision is simple, without even needing to think about it; a bad deal, every decision is difficult, always at a crossroads, and very challenging. Personally, even when analyzing the rationality of company investments in fixed assets, it is best to make investments that don't require much thought.

We like good business, the balls thrown to us by good business are soft, and we hit them accurately.

In our long-term investment practice, we have summarized some standards. The most ideal company is the one that generates more cash than net income every year, providing owners with a large amount of freely disposable cash. This kind of company is rare, it sounds simple to describe, but it is rarely seen in reality.

As long as I can withstand the volatility, holding three stocks at the same time is enough. I came to this conclusion through rough calculations and logical reasoning. As a poker player, I know that when the probability of winning is very high, you should bet big.

I am also very aware that concentrating on holding stocks leads to greater fluctuations. I know that I have a strong ability to bear psychological pressure. I learned from my parents not to bow down in the face of difficulties. My personality is very suitable for the concentrated stock holding method.

We are all value investors, but our scale is larger than yours, the investment environment has deteriorated, you have it tough, we have it even tougher. Fortunately, we have upgraded our thinking: for some companies, even if we buy in at a very high price, it is still far below their intrinsic value.

Investing in our way requires accurately determining a company's prospects. Not only do you need to recognize that a company's current business is a good deal, but you also need to see that it will continue to be a good deal for a very long time in the future. As long as you can truly select the most attractive from the "Beautiful Fifty," you can still achieve good investment performance. The key to this investment strategy is to strike the right balance.

7. Three 'not for' when we invest:

We are used to buying and holding for the long term, so investing in companies that produce ordinary commodities may not be suitable.

The telecommunications industry and utilities industry are not our areas of expertise.

I never buy stocks at prices higher than their intrinsic value.

8. Our approach is very basic. In investing like we do, you just need to find pricing errors in the stock market. You should leverage your strengths to screen in areas you excel in, and identify pricing errors. What we discuss is very fundamental, and if you can master these basics, that is enough.

9. Wise individuals are good at comparing opportunity costs. By considering opportunity costs, many problems can be easily solved. I once said at the Berkshire Hathaway shareholders meeting, when choosing a life partner, you should pick the best one among those you can connect with and who are willing to accompany you. If someone is willing but unreachable, they are not within the scope of consideration.

10. When you are absolutely certain it is a good opportunity, what is there left to discuss? Just do it, act when necessary, no need to waste words. In investing, you need to find such unequivocal good opportunities. I wish we could have more of these good opportunities.

11. Fundamentally, you need to understand a company's business, be clear about the threats a company faces, the opportunities it has, and its competitive position. Only looking at past performance growth, past return on capital, past sales figures, it is difficult to accurately predict a company's future. Only by deeply understanding the business can you more accurately predict a company's prospects. In investing, you really need to understand the business.

Warren often tells the students at the business school that he has a way to help them increase their investment returns. Take a card, on this card, you can only punch 20 holes, each hole represents an investment, make an investment, punch a hole. Once all 20 holes are punched, a lifetime of investment opportunities is used up. Warren says that by following his advice, investors can achieve higher returns in their lifetime.

Warren's words are serious, and my repetition of Warren's words is also serious. For a smart and disciplined investor, making only 20 investments in a lifetime will definitely achieve a better return. Because the number of investment opportunities in a lifetime is limited, one must be very cautious with each investment and definitely focus on major opportunities.

In life, there is a common sense: when making decisions, whether as an individual or a company, opportunity cost is always considered. The wider the investment scope, the more investment opportunities. While having a broad investment scope is good, it can also lead to going beyond one's capabilities. Our investment scope is very broad, but we rarely go beyond our capabilities. Among the investment opportunities we browse, 90% to 95% are judged to be outside our capability range, which we do not understand and therefore do not consider.

Graham proposed the principle of margin of safety, a concept that never goes out of style. Graham tells us, the market is our servant, not our teacher, a concept that never goes out of style. The two concepts Graham proposed are the foundation of investing and will never go out of style. In Graham's thinking, we can also learn to remain calm and objective, not influenced by emotions, which will also never go out of style.

Most investors act too slowly. In investing, one must be vigilant and wait for opportunities, and when the opportunity arises, one must act decisively. Be prepared at all times, it's as simple as that.

Only by adopting a multi-model way of thinking can we better understand reality. Especially in investing, investors have a very wide range of interests, and investing is not an easy task. Without the ability to integrate, it is not possible to correctly understand reality.

When investing, you need to have some level of endurance. Investing is a long-term matter. If you are prepared for long-term investments, when faced with a 50% decline, you must stand firm and not be frightened. I tell you from my own experience, train yourself well, when faced with a 50% decline, remain as stable as Mount Tai.

The secret to investing is that you can indeed recognize a few big opportunities. When your big opportunity arrives, you understand it while others do not. As I said, as long as you seize these few big opportunities, that is enough.

The widely circulated Kelly formula can tell us how much chips to bet on each trade when we have an edge. The greater your edge, the higher the probability of success in this trade, the larger your bet should be. The investment method I mentioned is correct, supported by mathematical rules.

Sometimes, a particular opportunity is so good that it's like picking up something in one's pocket, so it's completely reasonable to only buy that one opportunity. There are only two or three good opportunities.

What has Li Lu done excellently? On the one hand, he can be considered the Chinese version of Warren Buffett; on the other hand, he is fishing in China. The US market has been scrutinized countless times, overcrowded, and fiercely competitive. The situation is different in the Chinese market, where one can still take advantage of others' foolishness and laziness to discover very worthwhile investment opportunities.

The first rule of fishing is to fish where there are fish. The second rule of fishing is to remember the first rule. In extremely competitive environments, no matter how hard you try, it's useless.

There are many successful investment styles, some people prefer to buy and sell quickly, and they are also very successful. Quick in and out is not my style. My style is long-term holding. I don't study how to exit.

The speed at which moats disappear is indeed very fast. The moats of the old era, the traditional moats, disappear in the blink of an eye. Perhaps this is an inevitable result of economic development, in the modern economic system, old moats are unavoidably eliminated.

Ultimately, there is only one kind of investment, which is value investment. Why do I say this? Because every time we invest, putting money in, it is to obtain more value in the future.

In the process of investing, we cannot focus on many things, just like you cannot run multiple marathons in 12 different places at the same time. Therefore, you need to have your own method, find the area worth deep exploration, and this place is your hunting ground. No matter which area you choose to delve into, what you are seeking is value.

In my opinion, value investing is never out of date. In my understanding, no matter what stocks you buy, value investing means paying a low price and buying high value.

Some people think that value investing is about uncovering companies with a lot of cash but poor business. I think this is not all of value investing. In my view, all investments made correctly are value investments. The difference is, some people look for value in good companies, while some look for value in bad companies. However, true value investors always buy at a low price and buy high value.

Some achievements are beyond the reach of ordinary people. Some people hire a large number of people to manage their investments and let many people make decisions for them. I think it's better to centralize decision-making with one person, choose the right person, just like I chose Li Lu's fund. It's not that easy for ordinary people to become investment masters.

Many rational investors have one thing in common: they invest in things they feel secure about. Warren Buffett is no exception.

Investment styles vary from person to person, and there is no one investment style that fits everyone. Some people have the talent to understand things that are difficult to evaluate, and they have the ability to make high-difficulty investments. Some people don't have that ability, so it's best not to be boastful and choose what they understand. It is essential to be clear about your own capabilities. If you entrust your money to others for management, you need to be clear about the capabilities of your fund manager. How you invest largely depends on your own abilities.

Editor/Lambor