Profit and loss come from the same source. Without leverage, you can't get rich overnight, and without leverage, you can't lose everything. There is no solution to this problem.

The only solution is to leverage in the early stage, and reduce leverage when you get rich overnight.

Therefore, life should be divided into two investment stages, namely venture capital and value investment. When you are penniless, you must do some venture capital, just like Buffett and Munger when they were young;

Including entrepreneurship is actually a kind of venture capital: after completing the original wealth accumulation through venture capital, you must transform into value investment.

There will be big problems if you don't recognize the stage you are in.

For example, a loser who buys Coca-Cola stocks in the hope of getting rich overnight and a billionaire who invests in memecoin to stabilize assets are essentially making the same mistake.

The leverage of business is mainly:

① Capital (contract)

② Labor (copy n you)

③ Copy products with zero marginal cost (code, media, books, podcasts...)