A month ago, when QQ was around 750, a new member asked if it was a good time to buy QQ. I told him it wasn't a good time and that it was better to hold cash and wait. At that time, Moutai hadn't risen much yet, only around 1200. I clearly told him that Moutai was more cost-effective than QQ. I don't know if he did, but following this approach, you could have avoided a 15% loss on QQ, while Moutai had risen by over 20%. Buying QQ now would have yielded about 35% more, roughly equivalent to the expected return of a three-year holding period. The so-called Black Swan investment method wasn't my invention; it's a method that Buffett has always practiced. When the market is clearly overpriced, it's better to hold cash and wait for a crash. If it doesn't crash, you can earn interest from government bonds; if it does crash, you can buy stocks. If you learn this and it brings you lifelong benefits, and you become rich, don't use it to mock the person who taught you this method, because there's more than one way to make money in the world. Even if government bonds yield only 5% a year, if QQ (a type of stock) is discounted by 20% or more, then QQ is still more worthwhile. The resilience of the US stock market is such that crashes usually rebound within a few months. Those who previously thought buying QQ at any time was risk-free can now buy it boldly; the risk is much lower, and the expected return is increased by 20%, isn't that better?