（16-20）复盘1) VALUE INVESTING- Over the long term Value Investing has proven itself as the most successful investment strategy. Focus on buying stocks below their intrinsic worth.2) STOCK PRICES - Stock prices are far more volatile than the underlying earnings or underlying intrinsic value of the companies they represent. The key to long term returns is to buy stocks when their prices have diverged significantly from their intrinsic value. 3) RISK - The Investment Masters see risk as the permanent loss of capital NOT volatility. This is because it is permanent losses which impede the power of compounding.4) VOLATILITY - Volatility is welcomed by the Investment Masters as it allows them to buy companies at prices well below their intrinsic value. Market prices fluctuate far more than the prices of most things. 5) THE VALUE OF CASH - Unlike most mutual funds who are fully in
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