Buffett selects successors based on several criteria, unrelated to IQ or EQ, mostly about temperament and emotional stability. I didn't understand before, but in recent years I have come to deeply believe it. Just like in the past few days, the market has been surging, many people can't contain their emotions, always feeling like they should say or do something. Last Friday, a friend asked me, "How should we deal with this kind of market?" I said, "Just watch quietly, don't do anything!" Because if you are bullish, you should have positions before the outbreak; if you were bearish in that position before, then you must have many deep-seated concerns and shouldn't change easily because of a few candlesticks; if you feel you were wrong and want to switch from bearish to bullish, you should wait for the market to calm down before slowly considering it, a bull market doesn't end in just a few days. Many people have an "illusion of chaos", always thinking that they can make money in a volatile market, so they don't like times of peace, feeling like they were born at the wrong time. Actually, if it really were a time of chaos, most people would find it difficult to become top players, more likely they would end up as a casualty among the many. Investing is not about fighting, it's about strategy and overcoming obstacles, this is actually more reliable than trying to profit in chaos. Buffett's emphasis on emotions and temperament is reasonable. Investing doesn't require high intelligence, advanced mathematics are rarely needed. It's more based on common sense and adherence to universal truths, sometimes being "too smart" can be a burden. Because smart people don't like to take the common path, always feeling that it's meant for the masses. So, take the common path! The common path is faster, because there are fewer people! Furthermore, secondary market investing is very fair, connections and EQ are not very useful. In most industries, connections, EQ, and social skills are very important, lacking these qualities makes it difficult to stand out. But in the secondary market, this industry really doesn't have any "big shots". Some people may initially gather resources, but if they don't have real skills, no amount of networking or charm can help. However, emotional stability is extremely important, because "Mr. Market" is very crazy, always finding a way to make you hand over funds at the high and sell chips at the low. If you have stable emotions, can stay calm in both success and failure, believe in your judgment in a calm state, and carefully plan your moves, then you have one of the rarest qualities in secondary market investing. Besides, the ultimate goal we seek is prosperity and well-being, if we are constantly excited, how can we achieve long-term success? To achieve emotional stability, a practical method is physical isolation. Guy Spier, author of "Dining with Buffett, I realized five truths", moved to Switzerland immediately after having lunch with Buffett, achieving physical isolation from Wall Street. No one is perfect, how can we not have emotional fluctuations? In the past few trading days, we were able to continue reading, thinking, and walking as usual, mainly because our office building didn't have any peers. Many friends still in institutions may not have this option, and have to endure the "pain of crowds", so I also have a few suggestions. Firstly, get used to reading, especially physical reading. Reading not only provides knowledge, but also helps calm the mind. Secondly, delete many contacts, leave many groups. For investing, many social ties and connections are useless, missing out on information in groups won't necessarily result in poor performance. Thirdly, when the noise is loud, take a walk downstairs. Sometimes doing a neutral activity is better than a negative one, if you can't calm down enough to do positive activities, start with a neutral one. This article is from the WeChat public account "Huangyuan Investment Ling Peng's Strategy Notes", author: Ling Peng; Editor: Xu Wenqiang.