It's rare to see Chuanmu reflecting on his investment strategy Anyway, I only believe that cycles are the one true god—buy at the bottom of the cycle, sell at the top of the cycle. The absolute bottom and top are hard to pinpoint, so don’t chase the last penny. That’s why I cleared out my storage positions in June, except for the locked portions. Right now, luxury real estate stocks in top-tier cities are still at the bottom of the cycle, but regular real estate won’t have a bottom