"Watched the conversation between Li Dan and Snowball's Fang Zhang, here’s a quick summary: 1/ Retail investors often try to find certainty in uncertain situations, which makes them vulnerable to KOLs (Key Opinion Leaders) who confidently recommend stocks or make bold calls. KOLs leverage this trait to build their fan base. On the other hand, those who understand that the investment world is inherently complex and uncertain usually avoid making overly definitive statements or offering guarantees. 2/ Investing is a bit like journalism—the most exciting thing is uncovering the unexpected. Finding something others haven’t noticed, or challenging the consensus with new insights, is thrilling. Investments that generate excess returns often come from spotting the unexpected. For example, when the market is in chaos and everyone is panicking, buying in at that moment is a contrarian move. 3/ When expressing yourself in a community, don’t try to persuade or change others—that’s inherently arrogant. Instead, use your words to filter and connect with like-minded people. Finding resonance is good enough. 4/ A Snowball user once said: If you’re truly investing, just buy the underlying stocks. No need to mess with derivatives. 5/ Regarding cycles, there will always be people shouting “We’ll always lack xx” during FOMO phases. Real estate was once like this. Although building houses isn’t particularly difficult, people came up with all sorts of reasons to justify it: prime locations are irreplaceable, land supply is limited under strict government control, and mothers-in-law always demand homeownership… All of it sounds reasonable, but once the bubble bursts, it’s over. 6/ Advice for ordinary investors: Snowball’s “Three-Part Method”—build your portfolio with index funds, participate consistently through dollar-cost averaging, and create diversification across markets (US stocks/Hong Kong stocks/A-shares), asset classes (stocks/bonds/precious metals), and time (regular investments). Over the long term, this approach can make money." #InvestingTips #SnowballFinance #LiDan