1. Stay sensitive to super special new narratives. What is super special? This is subjective, and the basis for judgment is a comprehensive and strong understanding of the B circle. Historically, I have hardly missed any super strong narrative-level projects—I've missed quite a few strong market makers, which is normal. I generally do not negotiate with any project parties and only engage in the secondary market. This is also the style of my idol, Duan Yongping. The advantage of this approach is relative freedom and no constraints. Perhaps, I can continue to focus on what I am paying attention to, or what I am not paying attention to. One thing I am quite confident about is that I will continue to grow stronger, just like in the past. I still hope that each year I can become stronger to an unimaginable degree compared to the previous year.

2. If you cannot understand whether this narrative is as impressive as they say, what should you do? Should you invest? How much should you invest? It’s actually quite simple. My investment system has a rule: 'Don’t invest if you don’t understand'—this is a straightforward principle. If you want to invest without understanding, or even want to invest heavily, it simply means 'lacking confidence in seizing the next opportunity.' What to do if you lack confidence? Learn, practice, wait! If you are just eager to take a gamble, that’s reasonable, but it might not be right. If you understand, then directly consider how to buy and how much to buy; I will skip that for today as I have discussed quite a bit in the past. What if you don't understand?

3. If you don't understand and others have explained a lot, you have several choices: The first choice: Decide to join. Proceed according to the logic that you don't understand. What should you do? I previously mentioned a 'communication + valuation' system, and I will review it today, applicable to any target, at any time. Assuming there is a lot of foolish money in the market looking for 'the next target,' then the valuation will be a bit higher. For example, currently, everyone is looking for alternatives to AI memes, alternatives to goat, etc.—in the past, various inscriptions that came out after Ordi were like this. In this context, follow this valuation approach: If some Chinese KOLs are calling and there are no top influencers involved, and there are some particular aspects, such as being particularly fair, and the issuance method is also special like that of XX leader, then the first upper limit is generally around a market cap of 50 million. So if you see it at 2 million or 5 million, you can invest a bit. If foreigners are first fomoing, and Chinese mid-level KOLs are also calling, then the first upper limit might be a bit higher, say 75 million. If foreigners are fomoing first, and the Chinese market is very enthusiastic with some top figures participating (only considering B circle traffic, don’t pay attention to web2 fan counts, it’s not useful), then the first upper limit of market cap can be considered around 100 million. The 'first upper limit' mentioned here refers to assuming it’s a target of little value (worst case scenario), at this position or earlier, you need to consider recouping your investment and some profits (as for whether to keep a base position, my suggestion is generally to keep 10%, just in case you misjudged and it turns out to be a big winner, like Neiro; if it doesn't go on BNB, then it might surge to tens of millions and drop back, but that would still correspond to the first point, i.e., Chinese KOLs calling, tens of millions would be the ceiling. But if unexpectedly it goes on BNB, then it could rise to 500 million—because memes worth several hundred million on BNB are also reasonable, and foolish money is globally leading on BNB). Above all, there is essentially no possibility of heavy investment—because if you don’t understand or simply can’t understand, then don’t invest heavily; just making a profit is already quite good. Is B circle VC B without value, while meme B has great value? We embrace bubbles and enjoy bubbles; the essence is still a foolish consensus that is also a consensus. Don’t get too caught up in the narrative—meme is completely in accordance with the rules of gambling, calculating how much new capital is entering the gambling game. Writing this makes me somewhat ashamed—those with higher gambling skills in this game are essentially further away from investing, but that’s okay. Before making 100 million, this gambling skill is meaningful; this is the greatest value of B circle. This second point is so important that once you understand it, you won’t miss anything and won’t blindly follow others who jump in at 50 million when others are taking 100 million, getting brainwashed to aim for 1 billion or even 10 billion—even if an unexpected event occurs, the preciousness of the principal remains important compared to the discomfort of missing out. This second point, deciding to join, has several conditions to consider: enter early, exit decisively, and keep some base capital. The second choice: decide not to play. This depends on your funds and state; don’t be afraid of missing opportunities. Finally, with memes on SOL becoming increasingly popular, even if you can’t catch them, holding SOL tokens is also good—here’s a trick: on major B platforms like SOL, if you feel that the current cycle will play well and that there will definitely be an opportunity to reach above 300, then no problem. In terms of operations, I think you can, for example, buy in batches and go against human nature, buying more as it falls, at 120, 90, and when it rises, if it really gets close to 300, then at that point, just sell and stop buying.