Investing from First Principles
投资入门：从第一性原理出发
Investment failure rarely comes from a lack of knowledge. It comes from wrong sequencing: techniques first, principles later, and only then the discovery that the hardest part is managing yourself. This path reverses the order.
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Level 01
Understand the Market
Start with an uncomfortable premise: short-term prices are close to random.
A Random Walk Down Wall Street
《漫步华尔街》
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Level 02
Establish Principles
Separate investing from speculation, and turn margin of safety into discipline rather than a slogan.
The Intelligent Investor
《聪明的投资者》
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Level 03
Learn Valuation
Valuation is not a precise number; it is a judgment about whether the gap between price and value is wide enough.
Security Analysis
《证券分析》
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Level 04
Find Quality and Growth
When price is no longer cheap, the only protection left is the quality of the business itself.
Common Stocks and Uncommon Profits
《怎样选择成长股》
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Level 05
Understand Risk and Uncertainty
Risk is not volatility. Real risk lives in the part of the world your model never included.
The Black Swan: The Impact of the Highly Improbable
《黑天鹅：如何应对不可预知的未来》
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Level 06
Manage Your Own Behavior
In the end, the return curve is mostly a behavior curve.
The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness
《金钱心理学》