Investing is about investing in people—this phrase is widely circulated and quite misleading. As far as I remember, it was first proposed by Xu Xiaoping of ZhenFund. ZhenFund mainly focuses on angel and Series A rounds. At this stage, projects typically consist of just a few people and a pitch deck, with only a demo product and an unproven business model. Plus, in fields like the internet or AI, where technology iterates rapidly, early-stage projects often need to pivot frequently. So, the main basis for judgment at this stage is the founder's overall qualities, learning ability, personal potential, etc. However, for later stages, such as projects that are already IPO-listed or have completed a TGE (Token Generation Event), or industries that are asset-heavy or heavily resource-dependent, sticking to the logic of 'investing is about investing in people' to buy stocks or tokens can be quite risky.