Investment is about investing in people, a phrase that has spread widely and is also very misleading.

The earliest version I remember was proposed by Xu Xiaoping of ZhenFund.
ZhenFund mainly invests in angel and Series A rounds, where projects at this stage generally have only a few people and a pitch deck, with only a demo product, and the business model has not been validated.
Moreover, in fields like the internet and AI, where technology is constantly iterating, early-stage projects often need to pivot.
Therefore, the main basis for judgment is primarily the founder's overall qualities, learning ability, personal potential, and so on.
However, for later stages, such as projects that are already listed (IPO) or have completed token generation events (TGE), or industries with heavy assets / strong resource binding, it becomes quite risky to follow the "investment is about investing in people" logic when buying stocks or tokens.