Success and defeat are both different, Serenity has gained a lot of alpha meat because of its belief in a long-term future, and has also suffered a huge pullback in alpha due to its continued optimism about a long-term future at a high level. This month's new round of cuts, followed by a pullback of dozens of points last month. But I still believe that his investment logic is very effective in the early stages, but it requires luck to buy in the early stages, or having the strength to discover in the early stages, and then withdrawing during busy times, waiting for the next buy, rather than choosing to continue after the tide of people surges in. For most people, the most important thing is not to think about following the trend and sticking to early logic after a significant increase, because this is the final stage of liquidity. Unfortunately, at times like this, many people who lack independent thinking ability are irrational. They believe in every word they say because of their past success, especially wanting to repeat their past persistence, but completely unaware of the huge changes in the current situation. Moreover, because they are already optimistic about the future, they are more likely to think that it is still early and the future is still long, and continue to follow the trend. Due to the initial liquidity premium, a brief increase can be confusing. I don't want to say that someone is a gambler like others, because if they persist in making value investments for a few years, regardless of the ups and downs in the middle, then this is not a problem, and there is indeed no problem in the future. But can people who only follow the trend when they become popular withstand the huge drawdown of their capital? If not, you must think carefully about whether next time you don't want to buy heavily and make long-term price investments after a significant increase. It is important to remember that once a person becomes particularly popular because of some underlying assets that have made a lot of money and are known by many people, they can no longer engage in long-term investments, at most they can engage in short-term speculation. For those who are lucky enough to buy in the early stages, they should also take profits in batches at this stage, rather than being driven by emotions to continue to take long positions, or even adding positions that dilute profit margins and quickly lose the principal.