Investing has its cycles; it requires some historical perspective. People born in different periods of economic development have different investment preferences. For example, those born in the 60s and 70s experienced a 20-year period of real estate appreciation, so they only buy houses and constantly upgrade to better locations, often falling into path dependence and getting trapped in earlier years. On the other hand, post-95s prefer high-volatility investments like tech stocks and cryptocurrencies. They dislike houses because, by the time they have the financial ability to work, housing prices are falling. They have never seen the benefits of rising property prices; real estate only offers the experience of decline. They naturally reject low-volatility real estate and embrace high-volatility assets like technology and crypto, pursuing growth flexibility.

Human nature only trusts the markets they have personally experienced. Cross-cycle cognition is extremely scarce. When investing, one must step out of their own era’s perception, follow the major cycle inflection points, and position accordingly. Do not be bound by the fixed beliefs of one generation. However, the core logic of crossing cycles remains unchanged: not losing money is the premise of compound interest, and staying at the table is more important than short-term gains.