📖William Gann
Research Before Buying
Thorough research precedes every sound investment.
Never invest in anything you don't fully understand. Thorough research is the foundation of every sound investment decision.
🏠 Everyday Analogy
📖 Core Interpretation
W.D. Gann emphasizes durable business quality over short-term noise. A strong model, real competitive edge, and disciplined capital allocation matter more than quarterly excitement.
💎 Key Insight：Understanding prevents costly surprises.
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❓ Why It Matters
Without business-quality filters, investors drift toward stories rather than economics. Durable cash generation is what supports long-term valuation.
🎯 How to Practice
Use a checklist covering moat, management, unit economics, and capital allocation; track long-term cash generation instead of quarter-to-quarter noise.
⚠️ Common Pitfalls
Buying narratives instead of cash-generating economics
Overreacting to short-term operating noise
Ignoring management quality and capital allocation
📚 Case Studies
1
Riding Out the 1929 Crash (1929)
An investor following Gann’s discipline avoids margin, holds quality rails and industrials through the 1929–32 collapse instead of panic selling.
✨ Outcome：Capital draws down heavily but positions are preserved, allowing recovery and profit as markets rebound in the mid‑1930s.
2
Staying Calm in Black Monday (1987)
A disciplined investor withstands the October 1987 crash, having followed Gann-style risk rules and avoided over‑leveraged positions.
✨ Outcome：By not selling into panic and selectively adding to strong names, the portfolio recovers within about two years and reaches new highs.
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