For a long time, I believed that whoever discovers an opportunity first is the most awesome. Only later did I realize that things are far from that simple.

The ones that can truly make money are often those with a "sufficiently great narrative"—they inherently have a high tolerance for errors.

I still remember at the end of 2022, many friends asked me how to allocate their assets. My answer was simple: instead of messing around with individual stocks, it's better for ordinary people to stick to dollar-cost averaging into the Nasdaq during dips. Calculations show there's a pretty good chance of doubling in about five years.

By early 2024, the idea of dollar-cost averaging into the Nasdaq suddenly became popular in major investment communities. The discussion volume skyrocketed. Honestly, when the topic's popularity reaches this level, I choose to step back.

It's not because the strategy itself has issues, but because market enthusiasm itself becomes a signal—when latecomer retail investors start flocking in, it's often already the end of that phase.

These years of investing have made me even more convinced: rather than chasing the latest hot trend, it's better to stick to those with clear logic and large error margins.