Recently, I've come across a bunch of PFPs and membership cards again, everyone talks about them like brand moats... I actually think most of the time it's just short-term attention. When it's hot, you think you're buying "status"; when it cools down, you're left with just an image. Those who can really stick it out are actually those who make their benefits simple and straightforward, and communities that don't rely on shouting slogans.

These days, ETF capital flows and U.S. stock risk appetite are being used to explain all the ups and downs. Basically, flip the emotional switch, and the narrative immediately changes. I used to get nervous too, but now that I’ve lowered my expectations, I feel more relaxed: treat PFPs as interest holdings, and memberships as "I'm willing to pay for this service," don’t be hard on yourself.