A-share storage leader Zhaoyi Innovation (603986) gave everyone a vivid lesson in investing with its price action over these 10-plus days:

When big money leaves, it won’t say hello—sometimes it even looks like it’s hugging you.
July 1: Soared intraday to 843 yuan, a new all-time high; over two and a half years, it’s up 14x.
July 2 to July 7: Dropped for six straight days, hitting 603 yuan on July 8.
July 8: Eight asset-management plans under China Life sold in a concentrated move the same day, at an average of 615 yuan, raising 685 million yuan in cash. (But you didn’t know then.)
July 9: Zhaoyi Innovation hit the daily limit. You thought it was a bottoming-out rebound and rushed in.
On July 20, the stock fell to 432 yuan. That same evening, China Life only then disclosed the sell-down on July 8.
From not knowing to knowing, there were 12 days in between. In those 12 days, you saw the daily limit, took it as a signal—but it was really the last flicker after institutions had already finished their move.
The same kind of thing happens in the US stock market too; crypto, of course, is even more so.
That 25-year-old “new stock god,” Leopold Aschenbrenner: last year he heavily held power stock Bloom Energy, which surged 197%, and this year in Q1 he aggressively shorted semiconductors.
When did retail investors know? In mid-May, when the 13F quarterly report was disclosed, what you saw was his holdings as of March 31. There was a 45-day gap.
So when you follow big money’s public holdings, in a tailwind it can feel like you’ve matched the logic and made money—but when it turns bearish, you fall without even a peep.
You still have to respect the market.