The big pie is close to 100,000, yet there is a strange calmness. Having experienced three rounds of bull and bear markets, I understand all too well the reasons. Most people either missed the boat or have hands full of knockoffs, and may not have even recouped their investments. In this situation, how could one possibly feel happy?

Those like me who have gone through this a few times are either washed away in the tides or have survived, and those who remain generally do not have faith in knockoffs.

People who like to play with knockoffs are usually newcomers. In fact, I wasn't always like I am now, enjoying the big pie. When I first entered the market, like most new investors, I was keen on playing with knockoffs because at that time, the big pie was priced over ten thousand, not in US dollars but in RMB. I found it expensive, and with all my money, I couldn’t buy much, so I went to play with knockoffs. At that time, making ten times returns was not too difficult; just buy blindly with closed eyes. This made me unaware of my true level, and instead, I mistakenly took luck for skill, briefly indulging in the illusion of having everything. Soon after, I lost everything.

Actually, looking back, I’m glad I lost everything quickly at that time; otherwise, I wouldn't have been able to reflect on where my problems lay. Moreover, people tend to have path dependence, and I would have gone further down the wrong path.

Seeing others play with knockoffs and achieve hundredfold or thousandfold successes, my situation is actually the true experience of 99.99% of investors. If I don’t say it, no one knows; and even if I do, those hundredfold or thousandfold stories are easier to circulate and have a greater impact on others. But when you lose, you'll realize that rather than dreaming of getting rich quickly with those illusory hundredfold or thousandfold returns, it’s better to steadily aim for threefold or fivefold returns. Securing high-certainty threefold or fivefold returns a few times is far easier to realize than the lottery-like probabilities of hundredfold or thousandfold returns, which is what we call 'slow is fast.'

Remember one thing, all knockoffs are the same: they only have speculative value. Since it’s speculation, don’t talk about faith. Wait for high-odds opportunities to take action, and being able to ride a bull market is already impressive. Never think about accompanying knockoffs through bull and bear markets. Besides the big pie, who knows if you will still see the knockoffs you once believed in in the next bull market?