Danish philosopher Soren Klerkegaard once said, "Life can only be understood backwards, but it must be lived forwards."

At the end of 1999, when everyone was anxious, confused, and afraid of missing out because of the Internet bubble, they did not realize that 2002 was a great time to buy at the bottom. In fact, there was at least half a year, from April to the end of the year, when the valuations of many companies were close to or even lower than the cash value on the books.

In the first half of 2001, everyone still had some hope that the market would pick up soon, but 9/11 completely shattered this fantasy. The market fell sharply, rebounded strongly in December, and then began to tease those who expected to make a fortune by buying at the bottom quickly in 2002. It fell for a long time until the sound of a gun in Iraq in March 2003, and it was not until the bear market that it was completely freed from the torture.

So many companies start AI big models, burning money without making profits, and their products continue to compete with each other in price, but few people have real monopoly advantages, which is obviously unsustainable. However, the timing of the future AI bubble bursting and the real position building is also difficult to predict in advance, and can only be interpreted afterwards.

Don't fomo, don't short, and don't overestimate your ability to accurately pick the bottom. #美国大选如何影响加密产业？ #美国经济软着陆？