How to achieve an investment performance that is better than the market average? It requires different ways of thinking. In his investment memos written over the years, Howard Marks proposed "second-level thinking ". You must deviate from the norm. If you want to beat the market, you must think of something others haven’t thought of, see things they miss and bring insight they don’t possess. Therefore, you need to pay attention to the most important things in your investment: value, long-term shareholding, being attentive to cycles, and so on.