What goes up is risk; what goes down is opportunity.

Investment goes against human nature, so it’s destined that only a few people can succeed. What we need to do is to improve our thinking and our cognition. In essence, investing is monetizing cognition.

Whether it’s individual coins or the overall market, the bottom is not a single point—it’s a range. If you buy too early, you may go through the darkest moments; but buying cheap is the hard truth. Value investing is being a friend to time. Behind every brilliant achievement there are also difficult moments. Investing must be good at “waiting”—greatness is something you grind out through endurance.