Cherish the Divergence

1. The new round of 13F reports are gradually being released, and some individual stocks are starting to show divergence in everyone's holdings. The biggest divergence is in software.

2. Some have liquidated their positions, some have added to their positions, and some have heavy positions.

3. Positions most directly reflect attitude. Cherish the divergence. Every time divergence occurs, it's a rare opportunity to add to positions for companies with good fundamentals.

4. There's a classic saying in the investment circle: buy on divergence, sell on consensus.

5. This phrase can well summarize the guiding significance of capital behavior for operations.

6. There are always counterparties in the market.

7. The moat of software has never been in technology. Is it hard to write a WeChat? Is it hard to write a Tonghuashun? Can you get Tonghuashun's data? Will anyone use the WeChat you write? Tonghuashun has a full license, can you manage that?

8. Even before AI, we could make WeChat, we could write Tonghuashun. Only companies with real data accumulation and data privileges, combined with AI, can exert the maximum effect.

9. I maintain an optimistic attitude towards the divergence in software.