The fall of a giant: What makes you can also break you.

On July 9th, Jay Chou joined Douyin, and the stock price of Jay Chou concept stock Superstar Legend surged, soaring to a high of 17 yuan. The next day, it partially retreated. On the third day, July 11th, Jay Chou posted his first video on Douyin, and the stock price rose again, reaching a high of 17.6 yuan.

Both speculators and fans were in a frenzy.
On July 10th, I published a column analyzing and warning about the risks. Those who saw it should have cooled down and reflected.

Today's stock price plunge confirmed my conclusion.

In the short term, stock prices reflect emotions. Otherwise, there wouldn't be speculators chasing highs and selling lows. I can understand friends who hope to make quick money, as well as Jay's fans who want to profit alongside their idol.

But the capital market is ruthless, and market sentiment is unpredictable. The only certainty is its unpredictability. What goes up must come down. The frenzy and high prices driven by news hype will inevitably fall once the news fades.

Rather than saying they were "harvested like leeks," it's more accurate to say they paid for their impulsiveness and gambling tendencies. (Some friends betting on Jay's Douyin video really made me speechless.)

I avoid chasing highs and selling lows for two reasons: the uncertainty is too high, and the underlying mechanisms are deeper than most imagine. It's more like a game of chance than baseless gambling. Without studying stop-loss and take-profit points, blindly chasing highs and selling lows will likely result in a left-skewed profit graph (small frequent gains, large infrequent losses).

If you're interested in this but lack understanding, it's best to catch up quickly. The stock market isn't an exam hall—it won't tell you what to study. But this "course" is always there, and it will keep costing you until you recognize its existence and complete it.

Finally, my view remains unchanged: the current stock price around 10 yuan hasn't fully corrected. Without confidence-boosting news, it will likely fall further. Optimistically, it might drop to 7-8 yuan; pessimistically, it could fall below 4.

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$STARPLUS LEGEND(06683.HK) $ZBOM(603801.SH) $AIMA(603529.SH)