How can one invest like a farmer? I think this question is worth exploring in depth.

Let's first look at farming. A single seed eventually grows into lush crops, and this process is actually no different from stocks rising from low prices to become big winners. For farmers to succeed, they must understand key factors such as soil, water, climate, planting timing, and seed quality. These elements need to be analyzed thoroughly both individually and in terms of how they interact with each other.

The same logic applies to investors. Starting with selection—never plant good seeds in the desert. Translated into investment language, this means: don't buy companies in bad industries; no matter how excellent they are, it's pointless, and making money later will be very difficult.

Now, let's consider timing. Farmers don't sow seeds in fertile land during winter. In investment terms, if a certain industry is undergoing structural decline, you should steer clear. Whether it's the newspaper industry or offline retail, once they enter a downward cycle, even if company performance temporarily rebounds, it won't change the overall trend. It's like the tide going out—short-term waves can't alter the inevitable retreat.

So investing is like farming—choosing the right land, the right seeds, and the right season. All three conditions are indispensable.