Core View: Believe England Will Win Again
This article ostensibly discusses football, but actually uses it to express 'investment thinking.' The author clearly states: believe England will become the World Cup champion this time, ending a six-decade drought, and emphasizes that if the prediction comes true, it will be 'master hits again,' and if not, it will be dismissed with phrases like 'the ball is round.'
Analogy between Investment and Gambling: Similarities Exist but Cannot Be Confused
The author points out that investing in stocks and betting on horses or matches share some similarities, echoing other authors. However, the key stance is that although investment and gambling are similar, they cannot be conflated. The author further uses the metaphor of 'genes similar but individuals different' to illustrate: in the short term, their similarity is higher, but the essence and differences still need to be analyzed.
Key Reminder: What You 'Know' Is Almost Irrelevant
The article emphasizes the most important first point: what you 'know' is almost entirely unimportant (excerpt).
(Excerpt) Li Shengyang｜Finance Tenth Man｜Original article please see Today's Hong Kong Economic Journal
