Many people are talking about Leopold Aschenbrenner's position disclosed in his 13F report. It should be noted that his position was before the end of March, and it depends on the market environment at that time At the beginning of February, the market's concerns about the capital expenditure of big technology combined with deleveraging, and I also started as early as early February https://((x.com))/qinbafrank/status/2018978431732760904? S=46 proposed a "spring market crash" and believed that there was a small to medium level adjustment in the US stock market; Then at the end of February, the Iran War broke out, causing a surge in oil prices and further panic in the market, while the US stock market continued to decline. In the market environment at that time, it was reasonable for Leopold Aschenbrenner to clear positions in high elasticity stocks and then put in a lot of stocks before the end of March. And then the market quickly reversed in early April due to the ceasefire in Iran, and I also started as early as early April https://((x.com))/qinbafrank/status/2041776052167483750? S=46 believes that the "Spring Robbery Market" has come to an end, and on April 3rd, it was also discussed that many stocks entering the high cost-effectiveness range are worth buying. I believe Leopold Aschenbrenner's position should have undergone a significant adjustment in mid to early April, and he may have bought back the position he sold in the first quarter. Of course, we won't know until August when the second quarter 13F documents are released. Looking at the 13F file, in fact, trading positions are not worth paying attention to or learning from, as positions may undergo significant changes after 45 days. It is worth paying attention to the position adjustments of many long-term fund investors, as they do not easily move their positions in the long term, and every adjustment has its underlying logic. Especially when it comes to thinking about the logic behind the changes in long-term funds and long-term investor positions, it can still be very rewarding.