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In one year, his assets surged 3,850%, pushing Liang Wenfeng onto the global billionaire rankings.
What do you think he relied on? Hard work? Intelligence? Luck? None of these.
He relied on choosing a track that had not yet been locked down by old capital. This matters to you far more than you might imagine.
Wang Xingxing once said that young people should definitely go and make their mark in emerging industries. This sounds like empty motivational talk, but the logic behind it is solid.
Once an industry fully matures and its structure becomes fixed, its excess profits are effectively zero.
Wh

20 years ago, your dad wasn’t qualified to buy the S&P 500; 20 years from now, you won’t be qualified to buy “that thing.”
In 2006, your grandfather’s friend Zhang Liang told your dad about something called the S&P 500.
Your dad’s surname was Liu, he was the third-born, and he was broad-minded. Zhang Liang said he had great aptitude. Your dad understood immediately—buy!
But in April 2006, China had just launched bank QDII products, which could invest only in overseas fixed-income products, not stocks.
It wasn’t until May 2007 that the rules were relaxed, with a minimum starting amount of 300k

U.S. stocks fell last night, and you’ve started looking everywhere for reasons again, right?
"Is it because CPI is coming out?""Is there a war breaking out in the Middle East?""Is the Fed going to raise rates again?"
Stop.
Every piece of news you found had already been reflected in institutions’ positioning before the data came out.
Oil prices rose for four straight sessions, so you think energy stocks should rise. But hedge funds had already been shorting the energy sector last week.
Tensions in the Middle East are rising, so you think gold should rise. But gold pulled back from a two-month h

The Cold Economic Truths You Don’t Know
1. If you want to make money, you have to get out there. Many businesses come about through drinking and chatting with people.
Don’t stay cooped up in your own little corner, daydreaming by yourself. No matter how busy you are, you should go out more and engage in meaningful social interactions.
Build connections with other outstanding people and circles, and exchange useful information and resources with them. Often, the most valuable things circulate only in high-level circles.
2. Do more subtraction and less addition. Don’t try to do every bus

Therefore, focus on the field you are best at, cultivate it deeply, take it to the extreme, and then wait for your opportunity to arrive—that is the most reliable thing to do.
The Cold Economic Truths You Don't Know
1. If you want to make money, you must get out there. Many businesses come about through drinking, chatting, and interacting with people.
Don't always stay cooped up in your own little corner, daydreaming. No matter how busy you are, make sure to go out more and engage in valuable social interactions.
Connect with other outstanding people and circles, and exchange useful in

9.78 million people scrambled for Unitree Technology's IPO, while 9.43 million scrambled for ChangXin Technology's IPO.
The number of people lining up was nearly identical, but Unitree's winning rate was 0.0181% versus ChangXin's 0.4714%, a 26-fold difference.
With roughly the same number of people, why was the probability 26 times lower?
Unitree had 9.78 million valid online subscription accounts, while ChangXin had 9.43 million; the number of people lining up was nearly the same, with Unitree having less than 4% more.
Something doesn't seem right: with barely more people, how could the winni

Unitree Technology’s STAR Market IPO lottery winning rate was 0.0181%, compared with 0.4714% for CXMT. Why is the gap so large?
The core reasons are actually just three: free float, subscription threshold, and advertising effect.
First, there is a huge difference in free float.
CXMT’s IPO was massive, with a very large overall offering size. Even after deducting the strategic allocation, the base number of shares left for the market was still more than sufficient, so retail investors could get a relatively larger share.
By contrast, Unitree Technology itself had a very small total offering, an

The people you see showing off luxury cars in short videos may be paying off monthly installments.
That uncle you look down on, who walks his dog every day, may be the one who is truly free.
The phrase “financial freedom” has been completely corrupted by short videos.
Fake financial freedom: driving a Lamborghini, dating young models, indulging in wine, women, song, and dance at nightclubs, betting huge sums at casinos, and signing deals worth hundreds of millions in the office.
Every kind of “freedom” you see is tied to even greater unfreedom behind the scenes.
True financial freedom: putting

A stock investor's account:
My 2026. The K-line went to zero.
I'm Lao Zhou, 34, formerly a middle-platform developer at a major tech company, now unemployed.
In the first half of the year, I believed “AI would change the nation's destiny,” and went all-in with full positions and maximum margin on memory and CPO. My account soared from ¥280k to ¥510k, and I was calculating how to repay my mortgage early. Then July came.
The STAR 50 plunged 7.7% in a single day, and the TMT sector fell for a month straight. My portfolio value was cut in half, leaving only ¥190k, of which ¥80k was borrowed. The i

Many people across the internet call him a fraud.
But if you had truly followed the 8 pieces of advice he gave young people ten years ago, you would most likely be financially free by now.
And they still apply today.
1. Before the age of 30, don’t buy a home, don’t buy a car, and don’t get married; invest all your cash flow in self-improvement.
2. Marriage is the most tightly binding—and most dangerous—partnership system in human history, and most people before the age of 30 are not capable of being good partners.
3. Investing in yourself doesn’t mean signing up for a pile of courses; it means

Duan Yongping has only one stock-investing playbook: choose a company, invest heavily, and hold it unchanged for more than ten years.
NetEase, Apple, and Moutai all followed this approach.
It sounds so simple that it almost seems pointless, yet across the entire Chinese internet, you cannot find a second person who has achieved the same rate of return.
He condensed his lifelong investment methodology into ten sentences, each one counterintuitive:
Only the ability to raise prices qualifies as a moat; cutting prices is a sign of having no moat.
Apple raises prices with every generation. You thin

Your stock account is compounding, your body is being overdrawn, your energy is in debt, and your cognition is depreciating.
You calculate the annualized return of every trade every day, but have never calculated your own annualized return.
Sleep, reading, exercise, and attention management are the true core positions in life.
If your core position keeps losing money, no strategy you run on top of it will work.
No matter how accurately you pick stocks or how heavily you position, you will ultimately lose to your own insolvency.
The 11 highest-return things that cost nothing:
1. Go

The best kind of people to live in China right now:
1. Those who work within the system, with stable, steady cash flow and provident fund contributions paid at the maximum rate.
2. Those who have access to long-term DCA into the S&P 500 or Nasdaq 100 ETFs and recognize and approve of it—continuously allocating 20% of their salary to DCA into the S&P 500 or Nasdaq 100 ETFs.
3. Strong execution ability.
4. Make money in inflationary times and spend money in deflationary times.
Summary: Working within the system + S&P or Nasdaq ETFs lets their descendants eat and drink without worry.

Morgan Stanley upgraded South Korean stocks to “overweight” over the weekend, with a target of 9,000 points, saying there was still 36% upside.
When the market opened on Monday, the KOSPI plunged nearly 5%.
This bottom lasted only one weekend.
Samsung Electronics fell more than 7%, while SK Hynix dropped nearly 8%.
Three days ago, these two stocks rose 27% and 30%, respectively, and SK Hynix even capped with a daily limit-up.
In a matter of three days, the gains were unwound—most of them in a single day.
In a deleveraging cycle, this kind of violent rebound is actually the most dangerous signa

In the stock market, the people who can truly make money long-term are mostly only these 6 types!
1. Hunter type: They rarely make moves in a year. 80% of the time is spent waiting. Once they pull the trigger, they leave with profit.
2. Sit-and-wait type: They identify one good stock and hold it for three to five years. Their eyes are on the trend, not the intraday price action.
3. Artisan type: They repeatedly trade the same stock—selling high and buying low, constantly doing T—grinding their cost down little by little to nearly zero.
4. Leading type: They only trade the main theme, only chas