While investing dangerously, all the money I've ever earned is just money I hold for a while. It's money I'll return to the market at any time. In other words, it's not my money.
The money in my account is really my money only when I invest safely.
What is a safe investment? If you don't have the end-of-life rule, your entire investment is at risk. If you're investing your entire fortune without the end-of-life rule, your risk exposure is 100%. If the end-of-life rule is 7%, your risk exposure is 7%.
If the end-of-life rule is 10%, betting on 10% of all property will put 1% of all property at risk. Only 1% of all property should be exposed to risk at a time. Even if the earthen pot breaks, only 1% of all property should be broken.
Black Swan can always come to the market. There are times when the market is so good. The indicators are good, and the index is good. The stock index is a high-priced update every day. Quantum computers fly, Tesla flies, and coins fly. People praise Trump and Elon Musk like Kim Il-sung and Kim Jong-il and sing Yongbeer Heavenly Song. It's easy to say, "Taepyeongseongdaerose~Taepyeongseongdaerose~" This is the perfect time for Black Swan to come.
And that day comes out of nowhere one day. Maybe not tomorrow. But one day it will definitely come. That's fine. As long as it's not all about, as long as it's not loans, as long as it's leverage. But what if it's all about leverage, as long as it's all about leverage, as long as it's all about leverage. But what if it's all about leverage, as long as it's all about leverage? And if it's all about leverage, then it's just a can.
If you earn a lot, you should sell some. At the very least, you should be wearing a varnish when the pool is drained.
"When the tide goes out, you see who is swimming naked."
- Warren Buffett said at the 1994 Berkshire Hathaway Annual Meeting
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