Yesterday, the performance of the US stock market was actually quite good, but today there was news about NVDA's Huang. First, I think loyalty in marriage is definitely very important, but it is clear that this is not entirely a matter of personal ethics. From the aspects of national security and corporate governance, there are coordinated attacks, followed by a hearing during the earnings report season, forming a very methodical combination punch.

This situation reminds me of what I said before: the past two years of strong support for economic development during the Republican era, even unconditional support for enterprises to grow larger, is completely over. In the next two years or even six years, the policy environment may not be as supportive as it was in the past two years.

But I want to discuss this issue from a different perspective; I want to address a few points.

- Company founders must hold sufficient controlling shares. Maintaining a company through personal charm and prestige is a great achievement, but sometimes I wonder, if Chen Jinghe had the opportunity to do a Management Buy Out when Zijin had an 80 billion market value, would that have led to a better outcome?

- Companies sometimes encounter opportunities due to the times, leading to unexpectedly rapid development. However, profit growth is not solely about earnings; it requires many internal organizational adjustments and building external alliances. The idea of NVDA financing 500 billion dollars a few months ago, which led to a rift with tech giants, I think is a driving force behind Huang Renxun's current predicament.

- Like a commodity, if you gain policy support, you can rise to heights that the fundamentals cannot reach. But when policies change, your decline may also be greater. I feel that in this era, the phrase "policy support" carries significant benefits as well as costs.

I truly believe that the interest rate environment in 2027 may be the opposite of that in 2026. Politics is a leading indicator of interest rates; when political changes occur, the fundamental assumptions about interest rates and exchange rates also change. This is true for both China and the US.

When I was still working for someone else, my understanding of corporate governance was very superficial. Later, after starting my own business and partnering with friends, sometimes as a major shareholder and sometimes as a minor shareholder, my understanding of corporate governance deepened.

To be honest, I really admire board chairmen like Huang Renxun or Chen Jinghe, who control a board with their ability and prestige instead of just being a representative with 35% shares attending board meetings. Skin in the game is a quality I really appreciate, but as you can see, if you are capable and have a high reputation, doing 99 out of 100 things right won't matter if you're not the major shareholder; others can negate you with that 1% error, and then your 99% of achievements become someone else's adornment.

And frankly, who can achieve a 99% success rate? There will always be mistakes. This situation is like this: during the Long March, after Mao Zedong’s Zunyi Conference, his first battle was lost, but under external pressure, everyone could accept this failure because there was nothing to lose. At this moment, the prestige and internal bonds forged in fierce competition are resilient. If you truly achieve significant success, if you don't have enough shares, that big brother won't hold on for long.

Finally, when communicating with many enterprises, whether in China or the US, I often share that over the past eight years, there have been two global trade models. One is the small courtyard and high walls dominated by the Democrats, with no clear trade tariffs but very strict micro-checks. The other is the global trade war led by the Republicans, with clear tariffs but actually very lenient on a micro level. Enterprises should be prepared to survive with both approaches in these two different worlds, including investment. Today is another example that proves a previously stated point: politics determines interest rates, and politics determines the industry in today’s world is genuinely real.

Sometimes I think of the phrase in the title, if between 1980 and 2016 the world was in a relatively positive period, where doing business meant being willing to compete aggressively, in today's world, perhaps we just cannot create a business that can compete in all weather conditions. But maybe that is better—to know the strengths and guard the weaknesses—making timely changes after political shifts.

Of course, I believe the Democrats won't be very radical in the next two years; they will halt many of the past radical supportive policies, making an example of some, but they won't go so far as to instill fear in the moderate voters again. Just like Jeffries’ speech in the House, they are still wearing the mask of cooperation this time, so I don’t expect very intense, comprehensive changes. However, in some areas that have benefited over the past two years, these changes are more likely.

This is also something I want to say regarding the investment outlook for 2027: "A new ruler brings new ministers." Many assumptions in 2026 may no longer apply. Many geopolitical and political assumptions also need to be reassessed.

In these two trading days, I think there are many highlights in the US stock market, which we can discuss over the weekend. It’s time for another casual chat today.

Yesterday, a friend asked if I think Xu Fei and Li Na will reconcile in the end. When discussing investments on my public account, I sometimes leave some room for ambiguity because, after all, the world contains a lot of uncertainties. But in life, I often find myself to be a person who loves to make judgments, especially regarding matters unrelated to investments.

As the saying goes: professional commentary means being bold in making judgments!

I feel these two may already be together; they simply can't be friends anymore. It's either a complete break with no future meetings or they can only share the rest of their lives together every day.

This is simple; as ordinary friends, Li Na's new partner will definitely guard against Xu Fei like an anti-third party, while Xu Fei will innocently say, "I don't understand why that person has so much hostility towards me." What is the point of that? Continue wasting fifteen years?

Someone you have deeply loved cannot simply be a regular friend. The difference between love and friendship lies in exclusivity. In a good friendship, your friend is my friend; I often say this to my friends because I believe in their character. However, the phrase "your lover is my lover" is fundamentally wrong.

So if readers have a good friend of the opposite sex, or a close male friend, and you don't know if your feelings for him/her are love or friendship, you can test it like this: how do you view your friend's friends?

I believe that regardless of the circumstances, the feelings between Xu Fei and Li Na are definitely not ordinary friendship.

I even feel that the program produced by Mango TV is like two groups in a control experiment.

- Wen and Wang are like cultural but emotionless plastic best friends.

- Those two kids are like emotional but uncultured teammates.

Very few people in this world understand the happiness and rarity of being steadfastly chosen and having someone willing to go against the world for you. I would choose the most touching line from Wang Xiaobo.

"You are my comrade, so I miss you. When I cross everything that has sunken, heading into battle for eternity, you are my flag."

Life may inherently have no meaning; death is a shared end for us all. We need some self-imposed goals to get through our limited lives. In life, most people won’t care who you are, let alone the goals you set for yourself. But there are some people who will be very attentive to every frown and smile of yours. If, after experiencing so many emotions, you can resonate with the feelings of this person, that is a very fortunate love. It can become a goal, enabling us to create a bit of our own value in a void, limited, and meaningless life.

This actually requires a lot of luck. I used to enjoy helping friends introduce dates, but one day my friend told me that they appreciated my kindness and understood my intent to share the joy I experienced with others. However, I should realize that sometimes I may just be someone with good luck, not everyone will meet a great partner. Since then, I have stopped pushing this matter.

So I am not implying that everyone will definitely have perfect love. I just see the feelings between Xu Fei and Li Na, and I feel that it's a rare thing for both of them, so I hope there is a good ending.

Finally, I hope I don't summon Huang by making judgments in this professional anime commentary.

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