A story Believing early is no problem Back in the day, 2-3 years ago Those who followed me to buy NVIDIA, Intel, AMD, etc. Even though we didn’t make a lot At least we made money and walked away Believing midway is also fine Buying Intel before its earnings report in March-April and making 30% before exiting Still made money and walked away But if you didn’t believe at the start, didn’t believe midway, and only believed at the end I kept saying it’s not that AI isn’t good enough It’s that the valuation is too high The margin of safety isn’t high enough, EV is unreasonable When $BTC was at 17,000, I told you to go all in You said it’s a bear market I said wait for 42,000 for you to take over In the end, you didn’t believe even at 42,000 Last August, when it was at 100-120k, I said it’s time to exit You insisted it would go to 200k Guess I’m the idiot Most of the assets we can buy in the secondary market Aren’t bad assets The only difference, aside from whether it’s within your circle of competence Is actually just the price Summary of value investing: Circle of competence + margin of safety 5 years ago, I posted a good investment formula on Weibo Good investment = good industry + good company + good price + no leverage + patience Take $CRCL and plug it into the formula Is dollar-cost averaging at a 10-20 billion market cap in line with the formula? Now take those high-chasing buys of yours and plug them in, and see for yourself.