Talking about investments with friends, he proposed three investment methods. One is to avoid consumption, find targets, and then use a long-term first-level mindset to accumulate large positions without leverage, being able to accept significant drawdowns, and waiting for a long period.

The second is to participate in a company, being both an investor and involved in management, which requires experience, skills, branding, and moving forward and backward with the founders, indistinguishable from starting a business.

The third is to take small positions and seize opportunities, for example, buying Coinbase options, which is similar to leverage in the cryptocurrency market, with the potential for dozens of times returns in a cycle.

All three require judgment of future industry trends and market conditions (Market/Sector Beta), then looking at a company's Firm Specific Factor, and the use of leverage.

Which strategy is good depends on individual risk preferences.

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