$XIAOMI-W(01810.HK)

The biggest illusion among Xiaomi's retail investors is thinking that just because they've done something, it should be priced in.

They developed a large model, topped a few free rankings, got hyped by content creators, and then start yelling about why Xiaomi isn't being priced in, given how strong the large model is. By that logic, Alibaba should have risen long ago.

For the smartphone business, they shout that Apple's P/E is over 30, so Xiaomi is way too cheap. Well, Liu Qiangdong and I are both men, so why didn't Zhang Zetian marry me?

The smart home appliances and cars are doing okay, but it's a fiercely competitive market where everyone is struggling, and domestic consumption will only get worse.

Got blindsided by rising raw material and memory chip prices? Smartphones, home appliances, and cars are all taking a hit. With the average smartphone selling price just over 1200 yuan, a 200 yuan increase means many users will hold off on upgrading.

You can't live in a fantasy when investing.