Someone asked me what value investing is all about for a gambler. Why, knowing you're a gambler, do you still study so-called value investing? There was a former owner of a top-tier, long-established exchange who, after quitting, would go to the casino every morning to play baccarat, returning home in the evening, day after day. I wasn't saddened by this story, but I was curious: why baccarat? Not Texas Hold'em? Because beyond the wins and losses themselves, what we're addicted to is making judgments and choices amidst uncertainty—it's about information asymmetry, strategic space, and psychological warfare, not completely surrendering our fate to a table with pre-written probabilities. There's no inherent superiority or inferiority, but it's interesting.