![Chapter 61 [There is no problem with long-term investment, the problem is the cognitive error of investment quality] Chapter 61 [There is no problem with long-term investment, the problem is the cognitive error of investment quality]](/_next/image?url=%2Fimages%2Fblog%2Fjames-history-and-today%2Fen%2Fjames-history-and-today-0067-cover.png&w=3840&q=75)
Many investors hear our long-term investment theory and think it is very correct. They make up their minds to be long-term investors. Whether they buy in batches or listen to our advice and go all-in in a single transaction, when the market rises, they all think how wise and smart they are. Think of the bulls in the market as your own ingenuity. However, if the market falls and you start to make small losses, you can still stick to long-term investment. But when the loss reaches 20%, you will start to get nervous, unable to eat or sleep, and when the market

![Chapter 60 [Investment Philosophy] - The Four Seasons of the Investment Market! Chapter 60 [Investment Philosophy] - The Four Seasons of the Investment Market!](/_next/image?url=%2Fimages%2Fblog%2Fjames-history-and-today%2Fen%2Fjames-history-and-today-0066-cover.png&w=3840&q=75)
One common misunderstanding among investors is that the stock market will rise only if the economy is good, and the stock market will not rise or should not rise if the economy is bad. This is not the case. The stock market is the showcase of the economy. The stock market leads the economy because investing in the stock market is investing in the future. The misconception of ordinary investors is that they psychologically accept that the market will not rise when the economy is not good, or that the market will not rise in an era of high interest rates (for the same high interest rates, the beginning of raising interest rates, the mid-range of raising interest rates, and the tail end of raising interest rates are completely different.

![Chapter 59 [Investment Philosophy] - Think independently when facing the market! Chapter 59 [Investment Philosophy] - Think independently when facing the market!](/_next/image?url=%2Fimages%2Fblog%2Fjames-history-and-today%2Fen%2Fjames-history-and-today-0065-cover.png&w=3840&q=75)
One of the keys to success for investors in the market is independent thinking. All studying in class, reading books and our investment information, this kind of learning is part of the knowledge. There is knowledge that can be taught, learned, and researched, but knowledge is only part of investment success. Only knowledge that has been thought about by oneself is useful. Successful investors all have a part of "nothing" that has been internalized. It is based on correct investment knowledge and internalized into self-independent thinking and self-control.

![Chapter 58 [Investment Philosophy] - Successful Investors Chapter 58 [Investment Philosophy] - Successful Investors](/_next/image?url=%2Fimages%2Fblog%2Fjames-history-and-today%2Fen%2Fjames-history-and-today-0064-cover.png&w=3840&q=75)
Our cognition of external things is entirely based on past experiences. This experience and scene will continue to exist in our hearts. Whenever we see highly similar external things, although they are completely different from the past, we will combine them with our inner cognition and think that they are the same. For example, a person who is extremely afraid of dogs will be afraid even if he sees the tamest dog in the world, because he will regard the docile dog on the outside as the same ferocious dog that once bit him inside. So, in the past

![Chapter 57 [Investment Philosophy] - Successful Investors Chapter 57 [Investment Philosophy] - Successful Investors](/_next/image?url=%2Fimages%2Fblog%2Fjames-history-and-today%2Fen%2Fjames-history-and-today-0063-cover.png&w=3840&q=75)
To become a successful investor, you must understand economics, theory, history and psychology. Among them, only [psychology] is the most difficult and the most critical part to success. The most critical reason why psychology has become an investment is that the evolutionary process of our human hunting is animal behavior that focuses on short-term risks (worrying about tigers and lions; rather than focusing on long-term returns. Human genes that do not worry about short-term risks cannot survive), and investment is a market that completely opposes the psychology of human survival. [Investment Psychology] Unable to Complete

![Chapter 56 [Investment Philosophy] - Overcoming fear, anti-market, anti-human operations Chapter 56 [Investment Philosophy] - Overcoming fear, anti-market, anti-human operations](/_next/image?url=%2Fimages%2Fblog%2Fjames-history-and-today%2Fen%2Fjames-history-and-today-0062-cover.png&w=3840&q=75)
Investment must be in the opposite direction of the masses. When the general environment is favorable for the stock market to rise, a market fall is an opportunity and a good thing. The hardest thing about investing is overcoming the fear of falling markets. The mentality process of investors is as follows: When the market first rises and falls, investors don't feel it at all; when the market continues to fall, they think it is a long-term hold and don't worry! When the market continues to fall, think, ah! How can I sell it when it has fallen so much? I will lose money as soon as I sell it, so I decided not to sell it! 【Courage is great! 】 When the market decline intensifies, start to imagine the market
