How are we doing? Are we by our professional conduct producing more virtuous citizens? Is long‐term investing virtuous? Is it held to high moral standards? In The RepublicPlato recognizes four virtues: prudence, justice, fortitude, and temperance. They were called the cardinal virtues because Plato regarded them as the basic qualities required for leading a morally fit life, in addition to the theological virtues of faith, hope, and charity. Prudence is defined as acting with care for the future. Prudent investing is the cornerstone of investing. Those who believe in justice know how to recognize what is appropriate and well deserved, a skill critical for evaluating investment performance. Fortitude is defined as having courage in the face of adversity.首先，这段话强调了审慎、正义、坚韧和节制这四种基本美德在投资中的重要性。这些美德不仅是个人的品质，也是投资行为所应该遵循的基本原则。审慎意味着投资者应该谨慎决策，不盲目跟风，充分考虑风险和收益的平衡。正义意味着投资者应该遵守市场规则，不进行欺诈或操纵市场的行为。坚韧意味着投资者应该具备应对市场波动和逆境的能力，保持冷静和理性。节制意味着投资者应该适度投资，不过度追求高回报而忽略风险。

其次，这段话强调了长期投资的重要性。长期投资是一种基于价值判断和长期趋势的投资策略，它要求投资者具备足够的耐心和信心，不追求短期的高回报，而是注重长期的稳定收益。长期投资的核心是价值投资，即通过对公司、行业和宏观经济的基本面分析，寻找被低估的优质资产，从而实现长期的资本增值。