The next 18-24 months will see a "painful moment," which is essentially the collapse of the old investment logic. The era of cheap money is over, and the "burn money for growth" model is disintegrating under high interest rates. The buy-and-hold strategy may become ineffective.

1. Prioritize securing cash flow and adjust positions to withstand volatility;

2. Maintain extreme flexibility to cope with rapid market shifts;

3. Deepen understanding of market cycles and clearly see the flow of capital.