This round of hot topics is being cut more quickly than I scroll through short videos. Yesterday we were still talking about “narratives,” and today we’ve switched to the “emotional relay” track. These days, I basically don’t chase that initial “freshness.” To be blunt, the more focused my attention is, the more it feels like lining up to exit liquidity. If I really do end up getting involved, I’ll set myself a very old-fashioned rule: only buy into the kind of thing that I can understand how to exit from. Before entering, I first think, “Who am I selling to?” If I can’t figure it out, I just skip it.

Recently, I’m not surprised to see that whole pledge/sharing security “yield stacking” thing turning into a set of nesting dolls—everything being wrapped together. The smoother the returns sound, the more it makes me think of those roadside lottery raffles I used to see when I was a kid… Anyway, I’d rather earn a little less than be led around every day by hot-search headlines—so I’ll just take a look, then wait.