📖John Neff
Master Your Emotions
Master your emotions to master the market.
The greatest enemy of the investor is himself. Fear, greed, regret, and pride cause more losses than any economic event. Master your emotions to master the market.
🏠 Everyday Analogy
📖 Core Interpretation
John Neff highlights that many investment mistakes are psychological, not analytical. Managing behavior under stress is as important as finding ideas.
💎 Key Insight：Emotional control is the foundation of investment success.
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❓ Why It Matters
In volatile markets, fear and greed push investors to buy high and sell low. A behavioral framework reduces avoidable, self-inflicted errors.
🎯 How to Practice
Pre-write decision rules, slow down trades during stress, and separate market emotion from business facts before adjusting positions.
⚠️ Common Pitfalls
Following crowd emotion at extremes
Mistaking confidence for certainty
Forcing trades to quickly recover losses
📚 Case Studies
1
Ford Motor Recession Bargain (1973)
During the 1973–74 bear market, Neff bought Ford at a low P/E when auto demand slumped and sentiment was extremely negative.
✨ Outcome：As the economy recovered, Ford’s earnings rebounded and the stock price rose several-fold over the following years.
2
Chevron Energy Cycle Investment (1982)
In the early 1980s energy downturn, Neff accumulated Chevron at a discounted valuation while oil prices and profits were depressed.
✨ Outcome：When energy prices stabilized and improved, Chevron’s earnings strengthened and the stock delivered strong total returns for his fund.
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