Duan Yongping: The biggest misconception about value investing is that 'long-term holding is value investing' The statement that value investing should be held for the long term is a misunderstanding of value investing. The biggest misconception is that 'long-term holding is value investing'. However, it is best not to sell cheap and good stocks easily. Long term investment does not automatically equate to value investment, but value investment is generally a long-term investment. Value investing is long-term investment (looking at a company in the long run), but long-term investment is not necessarily value investing (holding onto a stock). The long-term holding of value investing is only established on the premise of buying the right stocks. Summary: Do not confuse long-term holding with value investing. Many people passively hold for a long time because they are "trapped" and waiting for "release". But on the other hand, if you feel trapped, you may not have understood the company you are buying. Otherwise, if the price drops, you will only be happy because there is a chance to get a lower cost "chip". Value investing is generally a long-term investment because the return and release of a company's value takes time, and investors need to be patient enough to wait for the company's value return, growth, and release. But on the other hand, if you find that the company is a "pit" after buying, the longer you stay in the pit, the deeper you will get into it. Therefore, if you find that you have entered a "pit", you should leave as soon as you discover it. No matter how much cost you pay, it will be the smallest cost.