1. Dealing with things you think you understand is not called risk mitigation; true risk comes from cognitive blind spots. Mitigating unforeseen unknowns is real risk management (the former is like animals foraging in the wild). The difference between these two is like a chasm—naturally one ends up in heaven, the other in hell;

2. When you begin to automatically lower your return requirements, that's when investment matures. Small principal with big returns doesn't yield much; big principal with small returns still yields considerably. Lowering returns is about maintaining stability; maintaining stability necessarily involves "foolish actions" and "foolish persistence." Maintaining stability preserves long-term thinking. Nobody wants to get rich slowly, but impatient people quickly return to poverty. Lower returns + pursuing stability + pursuing long-term compounding reflects high cognition, grand vision, and wisdom appearing as foolishness;

3. Iran's attack is indeed bearish, and whether it quickly moves toward peace and stability remains uncertain, but what's certain is that through this incident, China has glimpsed that America's exterior is strong but interior is hollow—genuinely long-term bullish and also favorable for recovering ww. Applied to investment strategy, we cannot flee at the sight of short-term bearish signals while forgetting long-term bullish factors. Yin and yang together constitute the way; how to balance primary contradictions and seize key points is crucial. Fleeing at bearish news, buying at bullish news—catching both ends results in backfire. Better to firmly grasp the most important side; though results come slowly, it's stable, lasting, and fearless of risk;

4. Quantitative trading is like court eunuchs—develops rapidly when the court needs it, but once the system becomes bloated and an uncontrollable money-eating beast, it will inevitably be hunted down. Currently the market's normal capacity for quantitative trading is in the hundreds of billions, but quantitative institutions with scales over a hundred billion have appeared, meaning overall scale reaches tens of trillions, occupying an ever-larger share of daily trading volume, causing several speculative traders this week to post losses like surrender letters. This is a signal. Perhaps at some point, quantitative trading will be cleaned up. Currently mid-cap stocks average P/E ratios over 100—everyone must be careful. Regarding quantitative trading, you can learn its thinking, but only have confidence, don't become superstitious;

5. America's major institutions like Blue Cat Owl, BlackRock, BlackRock and others' private credit funds may ultimately detonate and affect high-tech globally. First, tech has led the rally for long; second, these institutions are major shareholders in mainstream American tech stocks—without money they must reduce holdings. Tech stocks transmit signals quickly, so I recommend avoiding them;

6. U.S. debt has exceeded $39 trillion, troublesome in the short term. China still holds over $600 billion in U.S. debt; concentrated selling could become that magical "killer" straw. U.S. debt has no salvation, the dollar can't be saved either. Attacking Iran merely temporarily blocked dollar depreciation; long-term it will depreciate substantially. So don't be greedy for high interest rates on dollars and Hong Kong dollars.

7. Second year of World War II, stock market rebounded significantly; 1929 economic crisis erupted, second year rebounded sharply; crisis contains opportunity, no need for excessive caution. Just believe in China, believe in value, and with your own unshakeable strategy, success is assured!

P.S.: Because you believe, you see; not because you see do you believe! That's it!