Crypto Insights | Reflections on a Great Era: No Risk is Absolute Risk

SighingCashier · 2026-03-24T02:45:45+00:00

The article explores the philosophy of long-term investing, emphasizing that short-term sacrifice is a necessary evil—forgoing immediate consumption to achieve future returns. Proponents of disciplined long-term investing believe that one should maintain consistent dollar-cost averaging investments amid market volatility, ultimately reverting to average performance. The article also highlights the importance of active investing, noting that if everyone chose to free-ride, market efficiency would decline.

SighingCashier

2026-03-24 02:45:45

Abstract generation in progress

AI makes it easy to edit images, brainstorm investment slogans, develop movie characters and plots, and combine them—all tailored to you! Those who persist long-term believe that enduring short-term hardship is a necessary evil. Sacrificing immediate consumption to achieve greater future consumption—that’s the definition of investing. From a gaming perspective, a long-term winning strategy requires accepting short-term deviations from the long-term average. If you refuse to accept short-term losses, you can tolerate less volatility, but the probability of doubling your investment is lower.

For those committed to long-term disciplined investing, the ideal is to remain unwavering in any situation, investing regularly and systematically, allowing market emotions to gradually smooth out over time and return to the true, important average performance. In contrast, believers in short-term timing cannot genuinely agree. Both sides have prominent figures—The former, Buffett; the latter, Soros—who have led the market for decades.

If active investing is zero, everyone rides free, and efficiency sharply declines—then no one rides free anymore. Cycle repeats endlessly, with no end in sight.

(Excerpt)

Tu Guobin, Investor Philosophy

Please refer to today’s Hong Kong Economic Journal for the original.

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