Why is it difficult for veteran investors to keep up with new narratives at the beginning of a bull market? Because veteran investors have a cognitive score of 8, execution score of 2, and courage score of 1; while new investors have a cognitive score of 1, execution score of 8, and courage score of 10. But that's not the most important thing; the most important thing is that a bull market has no logic, where courage and execution play a major role. Past knowledge is based on the past, so it is not useful for new things. Therefore, at the beginning of the bull market, new investors are printing money like crazy, while veteran investors are extremely anxious. So does that mean veteran investors have no chance? Not really, your past knowledge can still be monetized because many projects still follow your old understanding, but many new things may temporarily be out of reach for you. Rapid learning is needed. So does that mean new investors are destined to get rich? Not necessarily, the biggest problem for new investors is that they don’t know when to take profits or cut losses, because they are too caught up in the excitement, making them easily fooled, and due to lack of experience, they don’t understand selling at high points; in short, they lack experience. They need to learn to take profits. In summary: veteran investors are likely to miss opportunities and sell too soon in a bull market; new investors are easily deceived and trapped. It is best for both veteran and new investors to learn from each other, to complement each other's strengths and weaknesses, so that the probability of consistently making profits in a bull market is high.