📖William Gann
Deep Understanding Required
Develop deep expertise, not surface knowledge.
Surface-level knowledge is dangerous in investing. Develop deep expertise in your areas of focus. True understanding means knowing what could go wrong.
🏠 Everyday Analogy
📖 Core Interpretation
W.D. Gann advocates a repeatable process: define criteria, execute consistently, and review decisions against evidence. Process quality drives outcome consistency.
💎 Key Insight：True understanding includes knowing what can go wrong.
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❓ Why It Matters
Without process, there is no reliable feedback loop. Structured execution and review improve decision quality over time.
🎯 How to Practice
Run a decision loop of research, thesis, execution, and post-mortem; document assumptions and update playbooks with evidence, not hindsight bias.
⚠️ Common Pitfalls
Having opinions without execution criteria
Reviewing outcomes but not decisions
Abandoning rules during volatility spikes
📚 Case Studies
1
War-Time Low and Cyclical Turn (1942)
Amid WWII pessimism and panic selling, Gann’s time cycles and natural law of vibration signal a major low in U.S. equities around April–May 1942.
✨ Outcome：Accumulates quality stocks near the lows, capturing the early phase of the long post-war bull market.
2
Pre-Crash Dow Trend Reversal (1929)
Using Gann’s trend definition, a series of lower tops and lower bottoms on the Dow in late 1929 signaled a primary downtrend before the October crash.
✨ Outcome：An investor respecting the new downtrend would have exited early, avoiding the bulk of the crash losses.
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