When SpaceX (SPCX) came to the Nasdaq with what was the biggest IPO in history, I also participated in the subscription with an excited心. However, facing frenzied demand far exceeding ten billion dollars, I ultimately only received a very small allocation. Watching the stock price surge on the first day and the complaints from those who missed out on social media, I didn’t feel anxious; instead, I felt a sense of relief.

This experience let me deeply understand the true essence of rational investing. In extreme, structural market conditions, the market is often filled with irrational premiums. Real investors should not be swept up by short-term stock price spreads, but should return to the cornerstone belief that “buying stocks is buying companies.” When dealing with popular assets with lofty valuations, controlling position size, refusing leverage, and observing patiently is the mature approach.

The essence of investing lies in accumulating shares of high-quality assets, not in taking part in a hot-potato game. Looking ahead to the future market, I will continue to dynamically assess a company’s intrinsic value, and wait patiently for valuations to return to a reasonable range. Only by passing through the noise of the cycle and holding firm to the bottom line of rationality can wealth grow like a snowball—rolling bigger and bigger through time’s compounding interest.

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