Many people chase short-term gains but always end up falling into traps. The truth about investing is quite simple, and Duan Yongping has already explained it clearly.

His investment philosophy has only one core logic: find companies with excellent business models and outstanding corporate culture, buy when the price is reasonable, then patiently hold, letting compound interest work for you.

It sounds easy, but how about actually doing it? Most people get stuck in three areas.

**First, can't find good companies.** It's not that good companies don't exist, but you need to truly understand what the company is doing—what its business logic is, where its moat lies, and whether the management is reliable. This requires deep thinking and judgment, not just reading a few analysis articles.

**Second, can't wait for the right price.** Sometimes even the best companies can be overpriced. Being able to buy at a reasonable price tests your patience and rationality. Many people get stuck here—chasing high prices, which results in losses instead.

**Third, can't stick to the end.** After buying, there will inevitably be fluctuations and temptations. Can you grit your teeth and hold on for 5 years, 10 years, or even longer? Most people can't endure it, and as a result, others reap the benefits of compound interest.

So the biggest test in investing isn't how sharp your vision is, but whether you have the patience to be a true long-term investor.