Thanks, cat cat 🙏 This principle is very applicable to investment and business management, especially in VC (venture capital). Now, let's delve into it with a more detailed cryptocurrency mindset. Venture capital invests for high returns, so it must enter the industry in its early stages (around 5% progress in the industry lifecycle). However, due to many pseudo-demand and fake tracks in the market, many investments lose their capital effectiveness or go to zero directly. At this point, the investor's allocation management and personal risk tolerance come into play. Most people make money by earning from a combination of investments, the overall returns from a cycle of allocations. In the crypto space, the closest group of people is the alpha group. These individuals can turn small amounts of money into significant wealth. But while it seems like not much capital is invested, in reality, more effort and dedication are put in. After the first wave of bubbles bursts, how do we determine if the industry has a second lifecycle? The most important indicator here is the influx of users. Generally, the standard for industry investors is around 20%. If there are too few people, it may be pseudo-demand; if there are too many, there is no room for growth. The tracks in the crypto space are mainly divided into two types: 1⃣️ New asset issuance methods (inscriptions, NFT Pumpfun) 2⃣️ WEB2 track transitions (DEFI, AI, RWA, DEPIN, ICM) Those who make big money in web3 are not out of the ordinary; this is a more macro-level investment logic. I have shared bits and pieces before, but I haven't described it so systematically. I also think what I said is good, but integrating knowledge and action is difficult. I hope everyone can get it and do better than I did, achieving great results.