"The Legend of Buffett and Munger" discusses the investment philosophies of Buffett and Charlie Munger, with several points that left a deep impression on me.

1. Graham has extremely low resistance to young girls, falling in love with his son's girlfriend, who is thirty years younger than him and with whom he cohabits in a long-term open marriage.
2. Bubbles are created by human nature, and no one knows when a bubble will burst or how high it will rise before it bursts. (Do not attempt to predict the short-term market) But Buffett knows that he engages in long-term trading "with no possibility of losing money."
3. One of Buffett's most successful investments was in insurance companies because there is a large amount of float. (It's like having a bunch of 0% interest USDT in hand, and when you deposit it in DeFi, you can earn an annualized return of 12-20% with risk-free arbitrage.)
4. If you find yourself in a quagmire, do not rush to struggle; abandon the interference of historical costs and rethink based on a new transaction.
5. Investment and trading are long-term endeavors. You need to go through a complete bull and bear cycle to know who the winner is.
6. Gamblers should be brave and increase their bets when they encounter favorable odds or probabilities.
7. Students specializing in investment only need to take two courses: how to value a company and how to deal with market price fluctuations.
8. The time the market remains irrational may continue until after you go bankrupt.