Scale ≠ Risk Resistance,

Halo ≠ Risk Control,

Bull market logic cannot be brought into a bear market.

The longer you stay in the industry, the more you will feel:

Scale, speed, narrative,

In a counter-cyclical environment, none of these are a moat.

Entrepreneurs or investors,

Will inevitably face some unpredictable crises at some stage,

But the true value of a crisis

Is to clear away the wrong options all at once.

Just like my pinned tweet from Churchill:

Never waste a good crisis!

@MichaelWuAmber is amazing!

After being systematically breached,

To be able to rebuild boundaries is rare.

Thanks to @Mercy_okx

For the wonderful interview,

Seeing so many real things.

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