One's success often comes at the expense of many others, and behind a performance that is a hundred times better, there is a lament from a group of small retail investors.
By: Taolao Xiaoli
Recently, with the holding of the Berkshire Hathaway annual shareholders meeting, a picture has been circulating on WeChat Moments:
Over the past 20 years, the investment performance of the stock god Buffett has been 554%, which did not outperform the 568% of the S&P 500.
The S&P 500 consists of the top 500 listed companies in the United States, accounting for about 80% of the total market value of the U.S. stock market, also known as "Beta".
The truth about investment is always exceptionally cruel. The vast majority of extremely intelligent investment managers spend their entire lives pursuing Alpha (excess returns), only to find that they cannot outperform the market Beta. For most investors, it's better to just lie flat from the beginning, buy into the index, and passively accumulate wealth.
Returning to the cryptocurrency market, how many assets have outperformed Bitcoin? How many diligent traders and top fund managers have ultimately outperformed Bitcoin?
As far as I know, there are very few.
A friend scrimped and saved during the bear market, and finally accumulated 3 bitcoins by the end of 2023, but now he only has 0.5 bitcoins…
The reason is simple. Like many others, he thought the market value of Bitcoin was too high and not an opportunity for ordinary people. Even if it doubled, it wouldn't change much. He needed to take risks for greater returns, so he went all in on various altcoins with most of his bitcoins, and then naturally lost his bitcoins, ending up with a handful of altcoins, becoming someone else's liquidity provider.
The same story also happened with Solana. SOL is a high Beta with deterministic characteristics in this cycle, but like Bitcoin, its market value is too high and lacks the temptation of a 10x return, far less attractive than various meme coins. As a result, various investors couldn't bear the loneliness and exchanged their cherished SOL for various meme coins, only to find that they could no longer exchange them back for an equivalent value of SOL.
One's success often comes at the expense of many others, and behind a performance that is a hundred times better, there is a lament from a group of small retail investors.
During the crazy bull market, most people are always overly optimistic, thinking they are investment geniuses who can capture super Alpha in this cycle and achieve class leaps. When the tide recedes, they realize that the person in the mirror is just an ordinary person who constantly vacillates between arrogance and self-doubt. For ordinary people, don't easily give up the Beta in your hands.
Investment is like this, and so is love.
Many women/men are not satisfied with their current boyfriends/girlfriends, always thinking they can find someone better, only to realize that what they once had may have been the best.
Just like in the movie "Finding Mr. Right," the protagonist once despised Ma Dongmei and thought Qiuya was the perfect goddess. Did the protagonist really like Qiuya? Not necessarily. It might have just been an obsession with something unattainable.
When the protagonist is truly with Qiuya, they realize that Qiuya is not as great as they imagined. They only loved an idealized person.
In the end, the time-traveling protagonist sees the truth and chooses to cherish the person in front of them. But outside of the movie, most people don't have the chance to make a new choice, just like how a pile of junk altcoins in their hands can never be exchanged back for the Bitcoin they once had.
So, don't lose the person who treats you well from the beginning, and don't lose your Bitcoin.
Understand yourself and learn to be content.
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