Just now, I was browsing Chinese concept stocks and came across a pretty interesting anecdote:

Munger began buying Alibaba starting in the first quarter of 2021. He added to his position along the way while he was down on paper, and in the end he took a 40% loss and exited.
Munger publicly admitted that this was one of his worst mistakes, and he even left behind a very classic line: In the end, Alibaba is fundamentally still a retailer.
Less than a year later, the old man suddenly passed away—reportedly driven to death by Alibaba😂
I’ve played both Chinese concept stocks and U.S. stocks, and my personal experience is very clear:
The investment experience in Chinese concept stocks is extremely bad.
What truly tortures you is this:
You think you’re buying China’s best internet companies, but in the end, what you’re trading is policy, regulation, exchange rates, geopolitics, audit risk, and the reality that the market has long failed to assign a higher valuation.
It’s not that there aren’t good companies in there—it's just that this market is too draining.
You don’t just have to judge the company; you also have to judge the policy cycle, the macro cycle, and the capital market’s attitude.
Ordinary people really don’t need to spend every day trying to pan for gold in a cesspit.