Sometimes, just watch an interview The other party said a sentence lightly and lightly Actually, this statement was made after paying several million tuition fees Especially in the investment field, it's even more so @Interview with YettaSing and @ Mercy_okx See 20 useful points for establishing an investment logic framework 1、 Regarding Strategy and Cycle 1/Do not rely on path dependencies (the most common mistake) The logic that was effective in the previous round is highly likely to fail in the next round 2/Real opportunities come from structural changes, not improvements example DeFi → NFT → Payment → CDFi 3/Investing in Alpha, not just Beta Beta: Industry Rise Alpha: The project you selected has excess returns 4/Bear market is the best investment opportunity Because: cheap noise reduction It is easier to see the essence clearly 2、 The essence of investment The core of investment is cognition, not information or resources What can survive across cycles depends solely on an understanding of market structure 6/The market is the only teacher, don't make decisions for others Whether it's investing in projects or collaborating, 'avoiding pitfalls for him=letting him step into bigger pitfalls in the future' 7/Investment is a probability game, not the right game 80% project zeroing is the norm, accepting this premise is necessary for long-term survival 8/Ultimate sole indicator: whether it makes money (cash return) All narratives, technologies, and visions ultimately come down to money 9/Investment is a process of constantly revising assumptions Not finding the right answer, but constantly correcting it 3、 Regarding Talent Selection (Founder/Team) 10/Early investment, essentially investing in people Core 4 standards: Low ego (not arrogant) High agency (highly proactive) Curiosity (Strong Curiosity) Execution (execution power) 11/Low ego ≠ lack of confidence But rather: Extreme inner confidence+extreme external openness 12/High agency is the rarest capability Opportunities are not waiting, they are chasing after 13/Human nature is the biggest risk variable You cannot predict what a person will become after success 4、 Regarding Decision making and Boundaries 14/VC Don't Be a Mom Only provide: information cognition resource Not provided: decision 15/Founders must drive themselves, VC is only the co pilot 16/Do not excessively intervene in project development Short term correctness ≠ Long term correctness 17/Equity structure is the lifeline Founder's equity split → High risk There must be a final decision-maker 5、 Regarding the Industry and Trends 18/Future Trends: Polarization (Barbell) One end: institutionalization (compliance, RWA, traditional finance) One end: populism (meme, NFT, retail market) It will be squeezed in the middle 19/AI is sucking up liquidity, but it will also feed back Money will flow to the place with the strongest consensus 20/The final outcome depends on whether there is PMF (real demand) The industry is transitioning from: Storytelling → Revenue sharing → User sharing Chicken babies are not as good as chickens themselves, investing in projects is not as good as investing in cognition The essence is the same thing: For children: Do not intervene excessively For the project: Do not over control To oneself: continuous evolution