Buffett talks about the secrets of successful investment

Recently, Buffett published an annual "a letter to shareholders", which reiterated the "secret" of making his successful investment. This newspaper excerpted this article to serve readers.
1. Maintain sufficient liquidity. He wrote that we will never rely on strangers for good intentions. Our arrangements for our own affairs will surely make any cash requirements that we are very likely to face insignificant in the face of our mobility; in addition, this kind of liquidity will be constantly refreshed by the profit streams produced by many and diversified companies we invest in.
2. I bought it when everyone else threw it away. Buffett wrote that in the chaos of the past two years, we have used a lot of money; this period is an excellent period for investors, because the panic atmosphere is their best friend ...... It is rare to see a major opportunity. When I get the money on the day, I need to pick up a large bucket instead of a pin.
3. I don't buy it when everyone buys it. Buffett wrote that those who invest only when critics are optimistic are finally buying meaningless comfort at a very high price. The deduction from his sentence is obviously patience. If everyone buys a product, you can only buy it when everyone sells it.
4. value, value, and value. Buffett wrote that the most important thing about investment is what you pay for a company-by buying a small portion of it in the stock market-and how much the company will earn in the next 10 or 20 Annual Meeting.
5. Don't be fooled by high growth stories. Buffett reminded investors that he and charliemunger, vice chairman of Berkshire, did not invest in companies that "we cannot assess their future", no matter how exciting their products may be.
Most investors who bet on the auto industry in 1910, on airplanes in 1930, or on TV producers in 1950 have lost nothing in the end, even though these products have indeed changed the world. "Rapid Growth" does not necessarily bring about high profit margins and high capital returns.
6. Understand what you hold. Buffett wrote that investors buying and selling based on media or analyst comments are not suitable for us.
7. Better defense than attack. Buffett wrote that although we were behind the S & P index in some years of market growth, our performance had always been better than the S & P index for 11 years of decline; in other words, our defense has always been better than the attack, and this situation may continue. In the age of turmoil, Buffett's suggestions were all in line with the idea.