Lost for three years, recouped in three days.

The title is a direct quote from a friend in my group chat: 'The experience of holding A-shares (long-term) is indeed not great. The past three years have been particularly torturous.'

This time, the ones who suffered the most were those who missed the rally, got liquidated at low points, or sold at a loss.

Being stuck in a position at least offers hope of breaking even, but missing the rally leaves no hope at all.

That's why missing the rally feels so much worse than being stuck.

Those who missed the rally are highly likely to jump back in, becoming fuel for this bull market's rise.

Today, the Shanghai Composite continued its strong performance, with the ChiNext 50 Index even surging 15%. Such a steep rise in an index is truly exaggerated.

How high can this bull market go?, Don't listen to the veteran investors, They're too cautious, They've been burned too many times

Everyone is playing with their own money. Just think independently and make careful decisions.

I personally don't hold much in A-shares—just a tiny bit of liquor stocks, half of which I sold today.

But I do hold Tencent and Pinduoduo. PDD has rebounded from the low 90s to 140, a 50% gain, which isn't much worse than A-shares.

However, I didn't use the tools well. In hindsight, short puts weren't as good as calls, and I also sold some too early, so my actual gains might be less than half.

Still better than missing the rally.

For now, I'm not considering chasing the highs. If I do, I might use some tools like calls—either they become worthless or I capture some upside.

Haven't figured it out yet. Need to think more.

2. Karat by IPO Limited's gray market surged 74%

With the broader market doing well, new listings aren't performing badly either.

Karat by IPO Limited, which I got in the lottery, surged 74% in the gray market.

I mentioned this many times during the subscription period—just go for it, especially the B-group.

Looking at the results, it feels pretty good.

B-group: 100k principal earned 20k. A-group: lucky ones with 10k principal got 2 lots, earning 5k—a 50% return.

IPO subscriptions are my forte—this is how I took off.

This time, I got allocated over 300k worth. Sold some in the gray market already. Probably will net around 200k in the end. $PDD(PDD.US) $CAROTE(02549.HK) $ChiNext 50(399673.SZ)