 Good day, fellow investors. I don't know whether you know or not, but for the past two years, two years and something, I have been writing daily content for an investment platform in the States. I resigned from that position this week, so I have written the last article from the content where I wanted to really give my readers more than 80,000 of them, really my final message, five topics that are crucial for investment success over the long term. I have resigned, so I stopped writing daily content, which was much for this YouTube channel, but I want to really dig into research and add more value by really not focusing on daily content production, but on quality content production, which is something that I love more. So I have resigned and I will start my own blog and the content will be also in videos here, where I will dig deep and let's say go beyond and go much deeper than what we are doing now. So much more value-adding investment research. Nevertheless, I wanted to share with you the five points that I have left my readers there with. The first point is look at the business you own and its earnings, not the stock. So it's always so easy to get entertained, but by what the stock does, 5% up, 3% down, 0.8% up and down, so that's really crazy. What you have to focus is business earnings and the business you are owning, the earnings yield you're getting from that business, the prospects of that business and whether you're happy holding that. That's it. From a risk-reward perspective, the current earnings yield of the SAP 500 is 4.08%. So if you're happy with 4.08% and holding the best American businesses, you should be happy owning the SAP 500. If you're not happy and you want a 6% return or 6.8% as it was the average over time, then you can hold bonds, wait and rebalance accordingly between what you are happy with. That's the most important point. Now, if you want more than 4%, 6% in a better case, then you have to really go deeper and the key is having more knowledge, doing more research to find the better risk-reward opportunities that will lead to better returns over time. But again, the key is to understand businesses. Let me show you. So Tencent Holdings increased 539% over the past five years, but the revenue increased 5.5 times and earnings increased 5.36 times. So the stock performance is perfectly correlated with business performance. That's why my message is be a business analyst, not a stock market analyst. Take advantage of what the stock market does, but buy businesses, create a portfolio of businesses, not stocks. The next is always invest with a margin of safety and think value. Always look for value, value, value and look over time. Value investing has beaten growth investing in 94% of the time when we look at 10-year investing returns in the last 90 years. Value, of course, over the long term. Now there is not much value. There is some value in emerging markets. Commodities, okay, you can find that, but that requires a lot of knowledge. If you can't find value with low risk, just do nothing. Just buy treasury, short-term treasury as Buffett is doing 40% in cash and you will do well over time. Think that your investment horizon is not, I have to be invested now, now, now. Think that you have 50 years to invest and you will get a lot of opportunities to make smart common sense investments over those 50 years. This leads me to the next point, which is don't follow so much the trend and what everybody else is doing because that's usually not the smart thing. Think, okay, what are your financial goals and will these investments according to their business yields lead you to those financial goals? So always try to apply common sense to what's going on. Don't be greedy. Don't risk what you have and need for something you don't need at all in your life. For example, if you see an apartment close to university that yields 5% after even the management has been paid, then you say, okay, there will be inflation, there will be more students, rents will go up and the value of the apartment will appreciate over time because it's a good location, location, location. And then you say, okay, I'll invest there. I'm happy with the 5% yield over time recession proof and I'm happy with slowly increasing the rent there and letting somebody else manage. However, when something like that happens, nobody usually wants to invest in those. But when everybody says, oh, you have to invest in apartments, the price has jumped 50% in the last two years, then everybody wants to invest them. But then the yield is 3% and the risk is much higher. So don't chase what everybody else is doing. Try to find common sense investments when nobody else is watching. That's the key. And then find good returns that you are happy to stick to the business return. And then when there is exuberance, then you sell and you find something else. So always apply common sense. And number five, something different than common sense, but you might want to risk, I don't know, your dividends in something really crazy. And here we are talking about risk reward. When you invest in something, the maximum you can lose is 100% if you don't do crazy leveraged things. But the gains are 1000%. So you might want to put 1%, 2% of your portfolio, just the dividends, half of the dividends per year in such crazy investments that might happen over the next 10 years. So this keeps you excited about your portfolio, 2% of it, 98% relatively safe, and gives you the potential to really have great returns and have something to talk about at parties. But never be greedy and never go beyond that 2% dividend or something like that for such crazy risk reward investments. And there is a video that I made about such extremist investments. So check it out if you haven't seen it yet. So my message is clear. If you are a defensive investor, expect 4%, stick to S&P 500 and bonds, and you will do well over time. If you want more, learn, learn, learn as much as you can and understand risk reward and take opportunity of other people's irrationalities. Thank you for watching. I will increase the quality of the content on YouTube and on my research platform now that I'm completely dedicated to research, investing, and I have resigned. So I have no other obligations than to serve you and add as much value as I can. So I'll try to improve. I'll make a channel update video. I'll try to really plan what you can expect day by day so that I make the most for my investments, for my portfolio that I'm running, and also make the most for those who want to learn about investing, investment research analysis, and increase the risk reward of your life. Thank you for watching and see you in the next video.