1. The essence of investment is to realize cognition. Making money = sufficient cognition x efficient realization

2. The three cornerstone strategies of investment: enhancing cognition, efficient monetization, and integrating knowledge and action.

3. If you lose money, it is either a cognitive problem (lack of cognition, cognitive bias), a cash-out problem (motivation problem, action bias), or a lack of consistency between knowledge and action.

4. Investment requires unity of knowledge and action. This is a very simple truth, but it has stopped many experts because there is still human nature between cognition and action. Top experts can separate themselves from greed, anger, and ignorance. Top experts have no humanity, only principles.

5. If you are playing with air coins and chasing ups and downs, don't imagine that holding it can change the world. That is an illusion. Keep a short-term vision.

6. If you are investing in Bitcoin, don’t just look at the minute line, look at the larger cycle, look at the big picture from 2 US dollars to 3,000 US dollars from 2011 to 2018.

7. Before you have 10 million, you can speculate and pursue high returns, but after 10 million, you need to invest. Speculation is about quick in and out, while investment is about slow compounding.

8. Many people find it difficult to cross the gap between speculation and investment. Once they have experienced the excitement of quick in and quick out, they can no longer adapt to the loss of making money slowly, and will eventually return the money.

9. Investing is a long-distance race in life. It doesn’t matter how fast you can run, but how long you can run. Soros and Buffett are two bug-level figures. They run slower than many people, but they have been running for decades.

10. Soros outperformed the index by 18% for 40 years; Buffett outperformed the index by 12% for 57 years. If investment also has a peak period, they are like Messi and Ronaldo who have been at their peak for half a century.

11. The best investment in a bear market is to invest in yourself. You can make money with knowledge but no money, but you can lose all your money with money but no knowledge.

12. Investing in a bull market will make your profits flow, while investing in a bear market will upgrade your cognition.

13. If you lose money, it is worthwhile to turn the lost money into knowledge. As long as you have knowledge, you can make back all your money.

14. Investing in yourself not only costs time but also money. Many people are willing to spend millions to invest in empty projects, but are unwilling to spend a few hundred dollars to invest in themselves.

15. The fastest way to invest in yourself is to get to know people who are better than you, invest with them, and become a community of interests.

16. Pay attention to things that don’t change, and you can see things more clearly. The price of Bitcoin is changing, but its underlying logic has not changed. Bitcoin is a disruptive way of storing value.

17. Investment should go with the trend, but you should also think in reverse. When the market reaches its peak, there is almost no short position in the market sentiment, and when it reaches its bottom, there is almost no long position in the market sentiment.

18. Carnival is the edge of collapse, suitable for withdrawing from one's position; winter is a gentle and cool night, suitable for indulging forward