There are 13 terrible truths about investment:

1. Some investors we call "legends" rarely have a better career return than an index fund. On Wall Street, more wealth does not mean higher returns.

2. The more comfortable you feel when investing, the more miserable you may die.

3. I'll tell you a time-saving trick: if you invest in penny stock or leveraged ETF, you might as well just burn the money with a torch.

4. The more frequently a person appears on TV, the less likely his prediction will come true (Phil Tetlock, a psychologist at the University of California, Berkeley, once made statistics).

5. Buffett's best returns are when the market competition is small. It is doubtful whether anyone can surpass his 5-year record.

6. For investors, the decrease of transaction cost is one of the worst things, because it may lead to more frequent transactions. High transaction costs may make people think twice.

7. All IPOs will hurt you, because those who have more information than you want to get rid of them as soon as possible. Think about it.

8. According to Google, the word "double-dip recession" was mentioned 1.8 million times in 21 and 211. But it never happened. In 26 and 27, basically no one mentioned "financial collapse", but it really came.

9. The large share repurchase is only to offset the bonus paid to the management. However, managers advocate that repurchase is to "return money to shareholders".

Ten or twelve years ago, General Motors was the largest company in the world, and Apple was still being ridiculed. In the next ten years, the same story will be staged, but no one knows who the protagonist is.

11. For many people, a house is a seemingly safe asset disguised as a huge debt.

12. The larger the scale of M&A, the greater the probability of failure. Ceos like to spend money to build business empires.

13. Remember that Buffett once described progress like this: "First, innovators came, then imitators came, and finally fools came." Remember Mark Twain once described the truth like this: "When the truth is still wearing shoes, lies have traveled halfway around the world." Remember that Whitman once described information like this: "The real variables never exceed three or four, and the rest are noise.