Why do bear markets need to be sluggish? Is there still an alpha available this year? I will try my best to explain these two things in 3 minutes. Firstly, a bear market is a good time for me to do some hair raising. Since playing hair raising, my income has little to do with bull and bear markets. Every year, I am able to maintain several good incomes. But for the project team, they can rely on KOLs and media to fuel the bull market, but just like OP and ARB, the only resource the project team can rely on in a bear market is the data contributed by the losers. On an objective level, this has already linked the relationship between the project team and the project team. As for how to prevent a backlash, I will explain it later. On the other hand, like most retail investors, I lack trading talent and even lost a lot. In a bear market, we cannot rely on secondary and meme to make money. Therefore, having a strong binding with the project team is a good choice. After clarifying the path of the bear market, the rest is to search for alpha through the waves. From the perspective of fund utilization, there is no difference between grooming and investment. As shown in the figure, in the investment field, we refer to Stage 1 as the early/seed round, while in the grooming field, it is the alpha moment. Most projects at this stage are doomed, but it is also the moment with the highest investment return ratio, where one fund can leverage a hundred times. Projects that are worthy of being selected for alpha should be those that are generally favored by the market, stand at the forefront of the trend, appear to be profitable, and have a good background. After this investigation, I saw two tracks: 1. RWA track. The listing of on chain stocks on the New York Stock Exchange marks a deeper integration of web2 and web3 this year. This narrative makes sense, representing @ OstiumLabs, which has been built for a long time. Link: https://app. (ostium.com)/trade? from=SPX&to=USD&ref=VN75J Unlike other RWAs, Ostium is deeply tied to institutions such as Jump and Wintermute, and has not even considered the retail market before. It is a serious project that finally has the opportunity to compete in the RWA track this year. Although the project has been around for a long time, the number of retail users has been very low, with only 3000 for a long time. Currently, it is still in its alpha phase. 2. There are multiple categories of exchanges on the chain, and I haven't fully understood this narrative, but on one end is @ GeniusTerminal invested by CZ on BSC, and on the other end is @ o1_exchange invested by a16z on Base. I believe that capital understands the narrative better than me. Link: https://o1.exchange/ @yourairdrop Actually, Genius itself is still good, but it has already started to roll up, and with my previous recommendation, it's not considered alpha. And O1 itself is still in a semi-finished state, but its capital gives it the potential to become the strongest exchange, so now is the most worthwhile moment to start. Finally, let's talk about the issue of anti cheating. To be honest, it's impossible to completely avoid the situation where the project team is not human. But it's not completely impossible - compared to investing a lot of funds and energy in the alpha stage from the beginning, you can also observe while scrolling and looking for the long term. A project cannot be executed as a human, and clues can always be seen before the coin is issued, such as the founder occasionally making various anti intellectual remarks, the rules constantly changing, mods only solving people but not problems, etc. These are basically unpredictable at the alpha moment, but over time they will always reveal their true intentions. The paradox lies in this: if you want high returns, dive in at the alpha moment, and if you're afraid of a backlash, invest/weed in stages. As for myself, my fund allocation is approximately 1:1, with 50% investment in the alpha phase and an additional 50% investment in the future. This not only ensures a high return, but also guarantees that the rebound will not be too difficult.