Actually, it was quite difficult. The three of them were from different age groups and had vastly different experiences, personalities, and hobbies. In the end, they could only talk about the market.
Liu Minghao, who held Han Lie in high regard, asked about value investing.
Jiao Fangyan took the initiative to pour Han Lie some tea. Then, she propped her chin on her hands and waited quietly, eagerly anticipating his insights.
"All the value investing theories on the market right now are bullshit."
Brother Lie didn't pull any punches, his opening statement designed to shock.
But he had his reasons—insights forged through the repeated market crashes of '16, '18, '20, '22, and '25.
"True value investing doesn't care about performance, industry prospects, CITIC research reports, or any metrics promoted by so-called experts.
The only principle of true value investing is this: wait.
The market is simply a series of repeating cycles; nothing is ever new.
