The world is changing rapidly I remember the summer of DeFi that year There are constantly emerging new things every day At first, I tried to research it But it is indeed from entry-level to giving up massive amounts of information Massive innovation Human growth cannot keep up with the industry I know I definitely won't become the most professional DeFi researcher I didn't even buy much from ETH I only bought some uni and sushi The rest went with fate It's not that I don't want to learn or don't understand I think they're too difficult This rare thing is difficult to popularize I wasn't that smart when I was studying Compared to those top smart people who do things that are too difficult I have no advantage at all I will buy BTC that I understand well Relying on common sense and easy modes to make money Why do we have to use the difficult mode The AI industry today is no exception Already from Nvidia that I can understand Transmission to downstream overly refined industrial chains I'm not saying there's a problem with this research approach It's just not suitable for me The probability of problems with overly delicate things is much higher than your perception There are 100000 aviation parts The safety factor of each component is 99.99% But their overall safety factor is less than 1% To cope with almost every component having backup and alternative solutions Complex links and business models Your process of pushing down is like this precise instrument It will have problems in places you never thought of Maotai and Coca Cola are one of the best business models in the world The cost of Maotai is grain, water, wages, marketing expenses How many bottles of wine were sold, how much money was collected, how much was spent, and how much was earned Simply put, if you dare to falsify, I will investigate you in minutes Maotai's promotion of direct sales and marketing is essentially an anti-corruption campaign Previously, profits within the factory price belonged to shareholders There are various tricks beyond the factory price Same goes for cola. Sugar, water, salary, and marketing Simple financial statements It's quite difficult to deceive people Respect common sense Always remember Investing doesn't require being too smart The wise old man Munger said You can make money with common sense Those who require too much intelligence and research to make money It wasn't the money we were supposed to earn in the first place If you can earn that money You should take the PhD exam Knowing what one can do is development Knowing what one cannot do It's survival