道天地将法，凡此五者，将莫不闻，知之者胜，不知者不胜。

Million Leaf evaluates every opportunity through a holistic framework encompassing macro conditions, industry dynamics, company fundamentals, management quality, and execution capability.

胜兵先胜而后求战，败兵先战而后求胜。

We invest only when downside risks are controlled, valuation is compelling, and long-term outcomes are asymmetric in our favor.

故兵闻拙速，未睹巧之久也。

When high-conviction opportunities arise, capital is deployed efficiently without overengineering or hesitation.

不战而屈人之兵。

We avoid speculative environments and competitive capital battles, focusing instead on structurally advantaged businesses.

知彼知己，百战不殆。

We invest only in businesses we understand, within industries we can analyze, under conditions we can assess.

先为不可胜，以待敌之可胜。

Risk management, margin of safety, and downside protection are embedded before any return objectives are considered.

胜敌而益强。

Profits are reinvested into high-quality opportunities that enhance portfolio resilience and compounding ability.

古之所谓善战者，胜于易胜者也。

We favor businesses with durable competitive advantages, predictable cash flows, and structural simplicity.

避其锐气，击其惰归。

We avoid overheated markets and deploy capital during periods of pessimism and mispricing.

无恃其不来，恃吾有以待也。

Liquidity reserves, scenario planning, and balance sheet strength ensure readiness for market dislocations.

故明君贤将，所以动而胜人，成功出于众者，先知也。

Decisions are grounded in deep research, primary analysis, and continuous monitoring of business fundamentals.

兵无常势，水无常形，能因敌变化而取胜者，谓之神。

While long-term oriented, we adjust positions when fundamentals or competitive dynamics materially change.

善用兵者，修道而保法，故能为胜败之政。

Million Leaf enforces consistent investment rules, governance standards, and behavioral discipline. Emotional decision-making and deviation from established principles are systematically constrained.