Warren Buffett's famous quote "Be fearful when others are greedy, be greedy when others are fearful" is something almost every investor has heard. But it's easy to say, and few can truly do it.

Where is the problem? Often, the "bottom-fishing prices" we set during times of fear are overly idealistic. Once the market truly crashes, the decline often exceeds expectations, and our psychological defenses start to falter. The index keeps breaking through your set bottom line, your account shows daily floating losses, and the previously calm investment logic becomes useless. All that's left in your mind is one thought—get out quickly. Forget about actively increasing positions; you can't even hold your current holdings, and in the end, you can only retreat in disgrace.

And during the greed phase? That's another story. In a rising market, watching the K-line keep climbing, you start to wonder, "Where's the top? If I wait a bit longer, I can still make a profit." So chasing the rally becomes routine. Already having made some profits, but reluctant to cash out and secure gains. When you finally realize the market has reversed, your holdings have shifted from profit to loss, and you can only regret it.

Ultimately, investing tests not only technical skills but also human nature. Whether you can stay rational when others panic, whether you can hold your bottom line when the market is boiling—this is the real skill to navigate bull and bear markets. Opportunities are always there; what is truly scarce is the strength of unity between knowledge and action.