Every speculative boom feels different while you're in it. But the ingredients are always the same: excitement, extrapolation, and FOMO.
I've managed money through multiple cycles in Hong Kong. Each time, the story changes—dot-com, China growth, crypto, now AI. But the pattern repeats. People convince themselves "this time is different." They project recent gains into the future. They panic about being left behind.
The discipline is recognizing when you're in that phase. I still own growth and innovation—$NVDA, $TSMC, quality names—but I size positions carefully and trim when valuations stretch too far from fundamentals. The best investors aren't the ones who avoid booms. They're the ones who participate intelligently and know when to step back.
Stay constructive, stay disciplined.
I've managed money through multiple cycles in Hong Kong. Each time, the story changes—dot-com, China growth, crypto, now AI. But the pattern repeats. People convince themselves "this time is different." They project recent gains into the future. They panic about being left behind.
The discipline is recognizing when you're in that phase. I still own growth and innovation—$NVDA, $TSMC, quality names—but I size positions carefully and trim when valuations stretch too far from fundamentals. The best investors aren't the ones who avoid booms. They're the ones who participate intelligently and know when to step back.
Stay constructive, stay disciplined.