To further explore, Leto Bao's blog "The Bottom Logic of My Investment" written on October 12th last year was already read by many people at that time: Core logic review: Don't guess the price, choose the right person and system! Talent density x excellent management x sustainable competitive advantage=organizational compound interest What is bought is not the current profit, but the flywheel of "talent → product → cash flow → reinvestment → stronger talent". How to find top people? Rough version: Directly buying the company with the highest market value, market value is the shadow of talent density Stable version: Buy index, let the market automatically upgrade the winners and list the losers Advanced version: An industry only dominates the leaders, and talent flow is the strongest evidence chain ⏳ In terms of time dimension, young people have abundant human capital and strong resistance to fluctuations, which can moderately mitigate risks - housing loans are essentially 5 times leverage plus 30 years of gradual deleveraging. The only prerequisite for leveraging is that the cost of capital must be lower than the long-term returns of high-quality companies. As for whether to make a fixed investment or a one-time purchase, academic research tends to lean towards the latter. One sentence summary: Leave complexity to the system and time to compound interest Coincidentally, half a year after @ leto_mao posted, it happened to coincide with the outbreak of the AI market, while Bitcoin started to decline all the way from around October 6th last year The logic in the article, to some extent, is equivalent to avoiding the decline of cryptocurrencies in advance and crushing the core AI assets of the US stock market. The question is, if I had read this article in October last year, would it be different now?