The most dangerous thing about empiricism is that it worked so many times before. Everyone thought SK Hynix would pull back about 20% after each doubling. Once muscle memory forms, people think it's just another 20% pullback and a chance to buy the dip, so they go all in on 000660. But this time, it dropped 40% straight, and the dip-buying ended up halfway up the mountain. This reminds me of BTC's rainbow chart. Historically, the undervalued zone on the rainbow chart has indeed been a decent spot for long-term odds. But during the 2018 bear market and the 2022 bear market, after BTC entered the undervalued zone on the rainbow chart, it still dropped another 20% to 30%. So, so-called historical pullbacks only tell you that the odds are roughly improving. When historical logic no longer holds, you need to adjust your positions in time. You have to allow for the possibility that "this time is different," and more importantly, leave yourself with enough capital to survive after "this time is different" happens. #SKHynix #BTC