Charlie Munger said: Making big money doesn't rely on trading, but on waiting.

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Charlie Munger, the legendary figure who, alongside Warren Buffett, built the investment myth of Berkshire Hathaway, has distilled numerous profound investment and life maxims throughout his life. Among them, the saying, "Making big money doesn't rely on trading, but on waiting," shines like a guiding light, illuminating the path for those who are groping in the dark in the fields of investment and life. It profoundly reveals the essence of long-termism, demonstrating that in a rapidly changing world, only by adhering to long-termism can one reap substantial rewards.

Long-termism, first and foremost, is a deep understanding and reverence for time. In this fast-paced era, people are often lured by short-term benefits and immediate gratification, chasing after quick wealth and overnight fame. However, those who can truly achieve extraordinary feats and realize great value are those who are willing to take a long-term perspective and patiently wait for the accumulation and fermentation of time. Just like making wine, only through the precipitation and brewing of years can it exude a rich and mellow aroma.

In the investment field, Warren Buffett is undoubtedly an outstanding practitioner of long-termism. He delved into the concept of value investing, stuck to his circle of competence, and was not swayed by short-term market fluctuations and hotspots. After purchasing stocks of high-quality companies, he often held them for a long time, sometimes even for decades without flinching. It is precisely this unwavering commitment to long-termism that has allowed him to build the business empire of Berkshire Hathaway through the magical power of compound interest, becoming a legend in the global investment community. He understands that the intrinsic value of truly valuable companies will continue to grow over time, and short-term stock price fluctuations are merely market noise. Only by waiting patiently can one reap the huge dividends brought about by the growth of the company.

Steve Jobs was also a devoted advocate of long-termism. His obsession with product innovation reached an almost fanatical level, seamlessly integrating technology and aesthetics. When developing the Macintosh computer, he led his team to meticulously carve every detail, from the interface design to the user experience, leaving no room for improvement overlooked. Before the launch of the iPhone, he and his team spent several years in painstaking research and development, constantly breaking through technical bottlenecks and pursuing ultimate simplicity and perfection. It is precisely this unremitting pursuit of long-term goals that has enabled Apple products to repeatedly subvert people's perceptions of technological products and propel Apple to the pinnacle of the technology industry. Jobs was well aware that great products require time to polish, and only by adhering to long-termism can one create products of epoch-making significance and lead the development trend of the industry.

Mao Zedong's life was a glorious example of long-termism. During his school days, he extensively read classic works and conducted in-depth social investigations, eagerly accumulating knowledge and experience, laying a solid foundation for his future great cause of saving the nation and the people. After joining the revolutionary cause, faced with the setbacks of the Autumn Harvest Uprising, instead of blindly persisting with the original plan, he, with a long-term strategic vision, resolutely turned to the countryside, establishing the Jinggangshan Revolutionary Base Area and开辟ing a unique path of "encircling the cities from the countryside and seizing power by armed force." During the Long March, in the face of the interference of wrong routes within the Party and the heavy siege of the enemy, he turned the tide with unwavering faith and outstanding leadership, leading the Red Army to preserve the spark of the revolution. During the War of Resistance against Japanese Aggression, he published "On Protracted War," which with great foresight pointed out the direction of victory in the war and rallied the strength of the entire nation. During the Liberation War, he commanded with composure and strategic brilliance, ultimately founding New China. After the founding of the People's Republic of China, he led the people in actively carrying out economic construction, laying a solid foundation for the long-term development of the country. Mao Zedong always practiced long-termism. With his unwavering belief and far-sighted strategic vision, he overcame countless difficulties and obstacles, achieving national independence and people's liberation, and paving the way for China's subsequent development. His great practice not only changed China's fate of being poor, weak, and bullied since modern times but also left behind invaluable spiritual wealth and development guidance for future generations, inspiring generation after generation of Chinese people to strive bravely for the great rejuvenation of the Chinese nation.

Lei Jun once said, "If you want to do something remarkable, you must be a long-termist. Greatness is achieved through endurance and requires the precipitation and accumulation of time." This sentence profoundly reveals the essence of long-termism. On the journey of life, each of us harbors dreams and aspires to achieve great things. However, the realization of our dreams is by no means an overnight success. It requires us to invest a great deal of time and energy, persevere in our efforts over a long period, endure loneliness and solitude, and withstand failures and setbacks. Just like bamboo, in the first few years, its growth rate is extremely slow, and it is almost imperceptible. But during this seemingly uneventful period, the bamboo is silently taking root underground, with its roots spreading out in all directions and penetrating deep into the soil. After several years of accumulation, the foundation of the bamboo becomes extremely solid. Once the right moment arrives, it will grow upward at an astonishing speed, reaching a height of more than ten meters within just a few weeks. This is the power of long-termism, which allows us to continuously accumulate energy in seemingly ordinary days, waiting for the moment of explosive growth.

For us ordinary people, it is of vital importance to learn from Chairman Mao's spirit of long-termism in the journey of life. We should formulate a clear and long-term life plan based on our own interests, strengths, and the needs of society. This plan is like a lighthouse, guiding us in the right direction and preventing us from losing our way in the complex world. In the process of achieving our goals, we will inevitably encounter various setbacks and difficulties. At such times, we must not give up easily. Instead, we should, like Chairman Mao, always maintain a strong longing for our goals and a firm belief in achieving them. No matter how rough and difficult the road ahead may be, we must grit our teeth and persevere, because every process of overcoming difficulties is a precious opportunity for our growth and progress.

At the same time, we also need to learn to resist short-term temptations. In this world full of temptations, various seemingly attractive opportunities abound, but many of them are often just short-lived illusions that will only lead us astray from our established path. We should focus on our goals, work steadily and earnestly, and invest every bit of our time and energy into things that are truly valuable. Only in this way can we continuously improve our abilities through long-term accumulation and maximize our personal value. When we achieve certain accomplishments through our own efforts and have the corresponding abilities, we should also know how to give back to society. We have drawn knowledge, resources, and opportunities from society, and it is only natural that we should repay society and contribute our share to its development. This is not only a responsibility but also a realm of life. By giving back to society, we can make our lives more fulfilling and meaningful. At the same time, we can create more opportunities for others and promote the progress and development of society, forming a virtuous cycle.

Everyone desires success, but on the road to success, we often fall into a misunderstanding, that is, looking for so-called shortcuts. However, reality tells us that shortcuts are often the longest way around. The true secret to growth lies precisely in adhering to long-termism. Adhering to long-termism means that we should focus on our goals, stay focused, and not be scattered in our efforts. We should understand the importance of continuously investing time and energy in the right things. Just like digging a well, only by choosing a suitable location and persevering in digging deep can we find sweet water. If we always scratch the surface and keep changing locations, we will ultimately achieve nothing. Please believe in the power of perseverance. Every effort and dedication is like planting a seed for the future. As time goes by, these seeds will take root, sprout, grow, and eventually bear abundant fruits.

It is not difficult to see that those who are half-hearted about things and muddle through life are often unlikely to achieve success. Because they lack long-term persistence and accumulation, and are unable to delve deeply into a certain field, it is naturally difficult for them to see obvious results. Reading and learning are not something that can be accomplished overnight. Simply flipping through a few pages of a book or studying for a few days will not make us immediately intelligent and wise. The accumulation of knowledge is a gradual process that requires us to persist in reading, thinking, and practicing day after day before we can integrate it and internalize it into our own wisdom. Fitness is the same. If we give up after only a couple of days of exercise, the excess fat on our stomachs will not disappear on its own. Fitness requires long-term commitment and regular exercise to build a healthy body and strong willpower. Those who are half-hearted always give up at the darkest moment before dawn, and they will never be able to experience the great sense of achievement and satisfaction that comes from perseverance.

In contrast, those who persevere in reading, through the accumulation of page after page, can gradually see the essence of life. Despite the hardships and无奈in life, they still love life, because they have acquired the ability to see through the appearance and understand the essence, and can discover beauty in ordinary life. Those who persevere in learning, as they master one skill after another, continuously expand the boundaries of their lives, having more choices and making their lives more colorful and fulfilling. Those who persevere in fitness, through daily exercise, not only build a strong physique but also cultivate a powerful willpower, enabling them to face various challenges in life fearlessly and maintain an indomitable spirit even in difficult situations.

Many wonderful things require us to persevere in pursuing and accumulating them in order to obtain the qualifications to possess them. Good things are worth waiting for patiently, because during the waiting process, we keep growing and making progress, becoming better and more capable of cherishing and seizing these wonderful things.

In fact, practicing long-termism does not require us to start with earth-shattering deeds. Doing the small things around us well already reflects the embryonic form of long-termist thinking. In life, many seemingly insignificant small things actually contain great value. However, if we are unwilling to do even small things, or even disdain to do them, how can we expect to have the ability to do great things? Success is often a process of accumulation from quantitative to qualitative change. True growth is the result of countless small and correct decisions. Doing small things exquisitely and to the extreme can also produce extraordinary effects.

Take the iPhone as an example. When Steve Jobs was creating this product, he fully implemented the concept of doing small things well and pursuing perfection. His obsession with details reached an almost extreme level. In order to make the icons on the phone look more beautiful, simple, and identifiable, he led his team to make repeated modifications, going through hundreds of design adjustments. They meticulously considered every detail of the icons, including the curvature of the corners, the color combination, and the shape of the patterns, all with the aim of enabling the icons to clearly convey functional information in a simple and clear manner and providing users with the best visual experience. When it came to choosing the materials for the phone, Jobs also started from the details. His team traveled almost all over the world to screen various high-quality materials, conducting repeated tests and comparisons on the texture, feel, and durability of each material to ensure that the phone not only has an exquisite appearance but also a comfortable feel and long-lasting durability. In terms of operational details, Jobs did not overlook any aspect that might affect the user experience. He strived to enable users to obtain a smooth and convenient experience with just simple operations such as swiping and clicking when using the phone. For example, in order to optimize the touch feedback effect of the phone, he and his team carried out countless experiments and adjustments, carefully polishing every aspect from the sensitivity of the touch to the speed and strength of the feedback. It was precisely Jobs' extreme pursuit of small things, doing the seemingly insignificant details to the extreme, that ultimately led to the great success of the iPhone, making it one of the most popular and influential mobile phone brands globally. If Jobs had been half-hearted about the product development at that time and lacked the determination and perseverance to do every small thing well, we might not be able to enjoy the convenience and beauty brought by such an excellent iPhone today.

This case profoundly tells us that there is no shortcut to success. Only by doing every small thing down-to-earth, paying attention to details, and continuously accumulating experience and abilities can we stand out in the fierce competition and find our own path to success. Every dedicated investment in small things is a process of improving our abilities and accumulating experience. When we have the ability to do small things exquisitely and thoroughly, we will naturally possess the strength to achieve great things. As the saying goes, "With long-term accumulation, one can achieve sudden breakthroughs." Only through long-term accumulation and precipitation can we burst out with powerful energy at the critical moment and create extraordinary achievements.

Charlie Munger's profound understanding and firm practice of long-termism provide us with valuable lessons. He once said, "The reason why we have achieved success over the long term is by continuously avoiding doing stupid things, rather than trying to become extremely intelligent." This statement holds great significance in the investment field. Short-term market fluctuations are like turbulent waves, full of numerous temptations and dazzling opportunities. People are often attracted by short-term market hotspots and are eager to seize every opportunity that seems to be fleeting, attempting to obtain huge profits in the short term with so-called "smart" trading strategies. However, they often overlook the huge risks hidden behind these seemingly attractive opportunities. Munger was well aware that true success does not come from short-term speculation but requires long-term and stable accumulation.

Looking back at the investment practice of Berkshire Hathaway, we can clearly see Munger and Buffett's adherence to long-termism. They did not blindly follow the popular investments in the market but always adhered to the value investment concept. When selecting investment targets, they conducted in-depth research on the fundamentals of the enterprises, comprehensively and meticulously analyzing aspects such as the business model, competitive advantages, management team, and financial status of the enterprises. They strived to avoid investing in companies that were overvalued, had unstable business models, and lacked core competitiveness, continuously avoiding "stupid things" that might lead to significant losses. They did not pursue huge profits in the short term but instead, by holding stocks of high-quality companies for a long time, let time be a powerful assistant for value growth. In this process, they fully believed that the intrinsic value of high-quality companies would continuously increase over time, and short-term market fluctuations could not change the long-term development trend of the companies. It was precisely by virtue of this long-term investment strategy that Berkshire Hathaway achieved significant asset appreciation over several decades and became a model in the global investment community.

Munger's long-termism concept is not only reflected in the investment field but also holds great guiding value in life. In life, long-termism means that we should adhere to our principles and values and not be disturbed by short-term interests and temptations. Munger practiced this concept throughout his life. He insisted on reading, extensively studying knowledge from various disciplines, and constantly improving his thinking model. His purpose of reading was not to pursue temporary fame or achievements but to focus on the long-term improvement of his own cognition and wisdom. Through continuous learning, he continuously broadened his horizons and deepened his understanding of the world, enabling him to conduct in-depth analysis using multiple thinking models and make wiser and more reasonable decisions when facing various complex problems. This long-term lifestyle has allowed Munger to continuously grow and progress on the long journey of life, becoming a respected wise elder.

Munger's experience has great enlightenment for us ordinary people. When investing, we should abandon the mentality of blindly following the trend and not be led astray by short-term market hotspots. We should learn to think from a long-term perspective and look for assets that truly have high-quality fundamentals and great development potential for investment. At the same time, we need to have patience and determination, believing that time will give us a reasonable return. In terms of learning and growth, we should recognize that the accumulation of knowledge is a long-term process and cannot be achieved overnight. We should, like Munger, maintain a thirst for knowledge, keep learning, and continuously improve our cognitive level. Only by seeing more and knowing more can we handle various challenges with ease and achieve our own growth and progress. In life, we should set a long-term goal for ourselves and formulate a practical plan around this goal. In the process of pursuing the goal, we will inevitably encounter various difficulties and temptations. At this time, we need to stabilize our mindset, firm our beliefs, and not be easily shaken. We should work steadily and down-to-earth, moving forward step by step towards the goal. Only in this way can we realize our life value and live an ideal life.

Truly outstanding people are often long-termists. They deeply understand that success requires the precipitation and accumulation of time. In places where others cannot see, they work silently, enduring loneliness and being able to withstand tests. They do not pursue temporary glory and fame but focus on improving their own abilities and achieving their goals. They understand that only through long-term persistence and dedication can they continuously accumulate experience, improve skills, and perfect themselves. When the accumulation of time reaches a certain level, they can achieve a sudden breakthrough and demonstrate extraordinary strength at the right moment, astonishing everyone.

So, how can we better practice long-termism? In fact, it is not difficult to practice long-termism if we can do the following five things.

First of all, we need to have a clear long-term goal. A goal is the direction of our progress, just like a lighthouse in navigation, guiding us on the way forward. Only by clearly knowing what we want and which direction we want to strive for can we focus our energy and pursue it purposefully. A clear long-term goal can stimulate the motivation within us, enabling us to maintain a firm belief and unyielding fighting spirit even in the face of difficulties and setbacks.

Secondly, after having a goal, the key lies in continuous implementation. "What is learned from books is superficial after all. One must truly practice it to understand it." No matter how grand the goal is, if it is not put into action, it is just a castle in the air. We should break down the long-term goal into specific short-term goals, and then complete them step by step according to the plan. In the process of implementation, we may encounter various difficulties and challenges, and we may even slack off. But this is not a cause for concern. What is important is that we should adjust our mindset in a timely manner. After taking a good rest, we should get back on track and continue moving towards the big goal. As long as we persevere in doing so, we will definitely get closer and closer to the goal