I reflected on it all night last night: Why did we receive the Hyperliquid: native airdrop in the early stages but throw it all out during the decline and panic? This is a problem with the underlying logic; The main reason is probably due to a lack of deep understanding of the development of DEX and HYPE, followed by the mistake of "anchoring the selling price" and not daring to buy back after selling, which is too outrageous. So I set myself several new principles: one ️⃣ For early cheap chips, always keep the seed vault. The most precious thing about cheap chips is not the current profit, but the right to participate in the future right tail market. As long as the core logic is not broken, it is not easily reset. two ️⃣ For race leaders, price drops are not a reason to sell, the core logic is disrupted. A decline can only indicate that the market is fluctuating, and cannot directly indicate a misjudgment. What should truly be sold is: structural deterioration in users, revenue, liquidity, competitive landscape, mechanisms, or teams. three ️⃣ The assets that were sold incorrectly are allowed to be repurchased, and one should not be held hostage by their own selling price. After selling, you cannot refuse to correct the mistake just because 'I have sold lower before'. The market will not take care of people's psychological anchor points. After reconfirming the thesis, participation rights can be re established with small positions. four ️⃣ Keep a small amount of money and be ready to allocate Alpha assets at any time. For potential Alpha assets, adopt small positions, strong thesis, allow for large drawdown, and not easily reset to zero. The goal of this portion of money is not short-term comfort, but to capture a few opportunities that truly change the right tail of the account curve.