$XPeng(XPEV.US) Why did I get into this in the first place? Three reasons: 1. He Xiaopeng himself increased his holdings. No analyst knows the company better than its founder, right? As a retail investor, I can't be bothered to do more research. Just dive in first and talk later.

2. XPeng is in the first tier of intelligent driving, a pioneer in physical AI. Some even hype it as the Tesla of the East.

3. XPeng also has additional catalysts like robots and flying cars. Later, I felt most robots are just useless gimmicks, all show and no substance.

I bought it intending to actively hold long-term and contribute excess returns, but ended up passively holding it while being trapped. It kept falling, languishing, dragging down the overall return rate of my account. All other stocks were in the green, only this one was in the red. US stocks rose while Hong Kong stocks fell. The holding experience was just terrible, absolutely terrible.

I overlooked that it's an extremely cutthroat auto stock, a sluggish domestic consumption stock, the most despised Hong Kong-listed China concept stock. Without market liquidity and company profitability as support, stock price movements are completely up to luck. Or, having to track sales data and press conferences every month, this is clearly not a good investment.

Based on the price cycle, without major negative news, the stock price might have a need to rebound. Whether it's a reversal also depends on luck, and it seems difficult in the short term.

Due to the psychological effects of "loss aversion and the obsession with breaking even," I sold half of the XPeng to buy strong stocks, kept a minimal position for passive holding, and simultaneously opened a small long-term options position to bet on a rebound.