I grew up in Communist China and never had much money to my name, and then, all of a sudden, I had giant student loans.
In my view, the biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital. Not only is the mere drop in stock prices not risk, but it is an opportunity. Where else do you look for cheap stocks?
I was born in April of 1966, on the eve of the Cultural Revolution. Soon after, my parents and grandparents all lost personal freedom simply for being intellectuals. So I spent most of my childhood rotating between adopted families of peasants and coalminers.
Mao Zedong's way was to make people crazy. It was like a religious cult.
The game of investing is a process of discovering who you are, what you're interested in, what you're good at, what you love to do, then magnifying that until you gain a sizable edge over all the other people.
I have three lovely children. They are beautiful, talented, and kind-hearted. I'm most proud of them. I love them so much that I will never want to burden them with a large amount of inherited wealth.
