Editor's Note: Continue Capital's veteran in the industry, Mr. Jun, has crossed multiple bull and bear markets. This article, "A Letter to Mr. Jun's Class," written by him, has been widely praised. PANews has organized and reissued it, hoping it will be helpful to everyone, at least to provoke some thoughts. Please read the full text:

Mr. Jun is quick-witted and eager to learn, diligent and selfless, admirable. I feel that you have been indulging in a vast amount of information and cannot extricate yourself. A little bit of annotation is made here, but it is only one person's opinion.

The importance of information is not redundant, but do not mistakenly think that summarizing every day and capturing key information is so important. The so-called fleeting opportunities are just appearances. Being immersed in various opinions makes it difficult to make decisions. What you see are tactical opportunities, but you lose more strategic opportunities. What you need to do is to deduce the principles from some successful cases, guide your investment through systematic and theoretical learning, rather than blindly following the colorful information. It's better to retreat and set up a net than to envy the fish at the water's edge.

The above is somewhat abstract, so I will give a few examples to illustrate. In 2016, the dispute between the fat protocol and thin protocol, linked to the Union Square Ventures (USV), laid the foundation for the investment philosophy of many people over the past three years. This outline document gradually became known in the public chain dispute at the beginning of this year. In fact, when it was first introduced, it was already an important theoretical article for many profound funds. Up to now, these funds are thriving, such as USV, Pantera Capital, etc.

Participating in the secondary market opportunities, although there are still many imperfections in the coin circle, many have made a fortune without looking at the candlestick charts. However, it requires more serious study of investment philosophy and systematic learning of some financial/computer knowledge. The strength of holding, the importance of mindset, "slow is fast," valuation methods in the traditional internet industry (Metcalfe's Law, Zipf's Law). These are all important theoretical knowledge. In 2000, no one knew what PE was in stock trading. It was only after several rounds of bull and bear market cycles that people realized the importance of PE. If you had understood the PE valuation theory in 2000, could you have bought PetroChina at $48? If you don't study these theories, and I don't study them, there will definitely be a few people who do, and those who survive are likely to be these few people.

Sidechains, fundamentally, are a form of cross-chain. We believe that at the current stage of development, sidechains have many issues in terms of security, stability, complexity, and convenience. You can delve into BTCRelay, Lisk, Aion, Loom, POA Network, none of which are leading works. What is the guiding significance of me giving this example? It means whether similar projects can be invested in. Definitely yes. Whether it is a game-changing innovation, at this stage, we maintain a wait-and-see attitude. Perhaps with the iteration of technology, there will be a leader in this field, and then we can explore further.

Some people have been pursuing the code to get rich. If someone reports it to you, would you dare to buy it? If you buy it, would you dare to heavily invest in it? Can your mindset remain unchanged when it falls? So, only when you are familiar with the underlying logic can you have a broad vision and not be disturbed by the outside world.

Finally, systematic strength, or perhaps investment theory, is what you really need. The path of resonance, all methods return to the origin, hoping for great achievements.

July 6, 2018, Bull Pen Community

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