The Essence of Narrative Opportunities This round, many people generally expressed that the market is difficult to play. Difficult to play is right, silly brother also clearly feels that the difficulty is greater than the round in 2021. More importantly, the narrative features of this round of opportunities are more prominent. Whether you call it AI, inscriptions, or zoos, they are all narrative opportunities. What is the essence of narrative opportunity? Narrative is the marketing of selling coins, not the real thing. It is wealth transfer, not wealth creation. It is impatient and thoughtless people who transfer wealth to patient and thoughtful people, rather than achieving common prosperity. It is the collective pumping of funds from individual investors by the market makers and platforms, rather than building. It is a resonance between emotions and narrative, rather than a fundamental illusion. There are ups and downs, rather than soaring and stabilizing at a high point. It is a relay of speculative liquidity, rather than real user stickiness. It is level one 关键意见领袖 The transmission of funds and emotions from individual investors, small institutions, to large institutions, rather than products, has reached more real users. The Dragon 2 water cup under the faucet is receiving water. It is liquidity that is more excited and active in the short term, rather than liquidity that is more visionary and steadfast in faith. It is the capital foam in the downwind period, not that this target is more beautiful than that one. After the final liquidity consolidation, the prices of narrative related targets will collapse. To understand these essence, our thinking must adapt to the market and transform.