Investing is a journey of cultivating awareness.

After nearly two decades of ups and downs in the capital markets, I have gradually come to understand a most fundamental truth: one can never earn returns beyond their own cognitive horizon. Luck might bring temporary, fortuitous gains, but only continuously evolving cognition allows us to stand firm through the cycles of bull and bear markets. Looking back on my own investment journey—from the initial naive recklessness of first entering the market, paying tuition, tempering my character, and accumulating experience through countless rises and falls, to entering the U.S. stock market via Longbridge in the second half of 2024 and reaping solid returns by focusing on the AI sector—I have become increasingly convinced: investment is never a game of skill versus luck, but a lifelong, step-by-step cultivation of understanding.
This cultivation begins with looking inward to see oneself clearly and accepting one's own human nature and limitations. In my first few years in the market, I was no different from most ordinary investors, completely swayed by market sentiment. When the screen turned green, greed arose, and I couldn't help but chase highs with the crowd; when the market plunged, panic set in, forcing me to sell in fear. Back then, I always thought more trades meant more opportunities, that chasing hot trends would lead to quick profits, so I traded frequently and churned my portfolio. Yet, in the end, most of those actions were futile, and losses became the norm.
Now, looking back and reviewing, I realize that all irrational losses stem from a lack of self-awareness. In my youth, I couldn't see the boundaries of my own abilities, harboring the restless obsession of getting rich overnight. I couldn't withstand the normal fluctuations of my account, my mindset easily thrown off balance. I couldn't endure the solitude of long-term holding, failing to maintain the simple, pure original intent. The market never targets anyone; it's like the most honest mirror, calmly reflecting everyone's greed, cowardice, and impatience. After years of experience, I've truly come to understand that the first lesson in investing is never about analyzing market trends or studying techniques, but about cultivating self-discipline and self-awareness. True personal growth lies in recognizing one's own desires and shortcomings, daring to acknowledge the limits of one's understanding, and proactively letting go of all opportunities that are unclear or unfathomable. It's about maintaining a steady mindset in a volatile market, respecting its rules, staying true to one's core principles, and aligning knowledge with action. The greatest opponent on the investment path is never the unpredictable market, but the insufficiently calm and undisciplined self.
Only by cultivating the inner self can one look outward to comprehend the underlying logic of different markets and the trends of the times. After many years of deep involvement in the market, I've gradually come to understand that the macroeconomic environment, industry cycles, and policy directions form the foundational backdrop for the fluctuations of the capital markets. But the longer I've been involved, the more I've realized the limitations of staying in one's comfort zone. A true investment perspective always needs to keep pace with global industrial transformations. In the second half of 2024, I entered the U.S. stock market through Longbridge, which was a significant breakthrough in my investment understanding.
The U.S. stock market aggregates the world's top-tier technology assets, interconnected with global economic cycles, international capital flows, and cutting-edge technological iterations. Whether in terms of valuation systems, volatility patterns, or market ecology, it operates on a more mature and globalized logic. Immersed in this globalized market, I completely broke free from the fixed mindset of a single market and truly grasped the core essence of investment: what we earn is never the spread from short-term price fluctuations, but the long-term dividends of societal progress, industrial upgrades, and technological innovation. In recent years, the global AI wave has surged, with technological breakthroughs materializing and industry landscapes becoming clearer. I positioned myself accordingly in related sectors and ultimately achieved positive returns. This wasn't a matter of chance or luck, but the result of applying my understanding and acting in line with the trend.
After understanding the major trends of our time, the core of the cultivation is to settle down, look beyond the surface charts, and comprehend the true value of enterprises. Many people trading stocks spend all day staring at red and green K-lines, obsessing over short-term gains and losses, while neglecting the most fundamental logic of investment: short-term prices are a voting machine for market sentiment, fluctuating with public mood and hot topics. But long-term trends are always a weighing machine for a company's core value. All market hype, short-term bubbles, and emotional premiums will eventually dissipate over time. Only robust enterprise value can traverse bull and bear markets, withstand cycles, and continuously generate compound returns.
With twenty years of firsthand market experience, I've witnessed countless episodes of collective irrationality. When the market is hot, everyone is greedy and blindly chases highs, paying no heed to valuation bubbles. When sentiment is low, panic ensues, leading to stampedes and selling, easily surrendering low-priced shares. The vast majority of losses stem from mindless herd-following. I've gradually learned to step outside my own single perspective and consider the market crowd's psychology from their viewpoint: to discern the public's emotional cycles, distinguish between market frenzy and freezing points, to stay clear-headed when others are restless, and to hold onto rationality when others panic.
There is never a single, standard answer on the investment path. Everyone must forge their own way, just as the fable of the little horse crossing the river is deeply ingrained. The old ox wades across, feeling the water is shallow as if nothing is there; the squirrel tries it personally, sighing that the river is unfathomably deep. The river itself hasn't changed; what differs is the individual's ability, understanding, and capacity to endure. Therefore, before understanding the market, one must first understand oneself. Before reading the market trends, one must first read one's own heart. Only with a clear self-awareness can one know what kind of river they can cross, what storms they can weather, and what market conditions they can navigate.
People's levels of understanding, mental fortitude, and risk tolerance are vastly different. A profitable model that works seamlessly for someone else might be a trap for oneself. An aggressive opportunity that others can grasp, one might not have the capacity to handle. The market never lacks opportunities; what is truly scarce are opportunities that align with one's own understanding and match one's own capabilities. Some excel at short-term trading, others are suited for long-term holding. Some delve deeply into global technology sectors, others prefer mature, stable assets. There's no need to envy others' returns or copy their methods. Guarding one's own cognitive boundaries, finding one's own trading rhythm, and building a profit system that belongs to oneself—this is the foundation for lasting success in investing. It was precisely this clear understanding of myself and human nature that allowed me, when positioning in the AI sector in 2024, to block out external noise, withstand short-term volatility, stick to my own judgment, and ultimately reap profits commensurate with my own understanding.
Twenty years on the investment path is a journey of trading experience and, more importantly, a journey of cognitive transformation. I've gradually come to realize that there are no shortcuts in investing. Temporary gains rely on luck; lasting gains rely on understanding. Occasional losses are a market norm; sustained losses are the inevitable result of cognitive shortcomings.
Investment is a cultivation without an end. The path is long and arduous, but progress comes with perseverance. Inwardly, cultivate the mind, restrain impetuous desires, and settle a steady character. Outwardly, observe the trends, discern the changes of the times, and keep pace with industrial shifts. Downward, delve deeply, dissect enterprise value, and adhere to long-termism. Among people, comprehend the principles, understand group psychology, and avoid emotional traps.
Every investor who persists in the market is constantly making mistakes, growing, and iterating in this long cultivation. There's no need to rush for quick success or be anxious about gains and losses. Every moment of reflection, every review, is an accumulation upward. May we all maintain a heart of inquiry, steadily deepening our efforts and seeking understanding on the investment path. Investment is like life: the clearer your understanding, the steadier your path forward.