Stocks plummeted, and the currency market. In the global market downturn, how to grasp the trend of focus and investment principle block chain? As a senior game player coin ring, have some of their own views of Li Xiaolai.
The evening of October 19th, Li Xiaolai in a “listen to” live “held 2018 book” on the book “Q & a conference, leek’s self-discipline” investment principles open answer.
In answer, Li Xiaolai users care about global economic trends, the blockchain new hot STO, coinless block chain application scenarios, on the “All-IN” never difference, and the value of the investment principles of how to grasp the industry across the CBBC cycle, the real value of currency stability in air and other key issues to answer.
In summary, there are several main views of Li Xiaolai:
No matter which industry, some of the consequences in the next period of time will face economic depression.
The concept of hot recently, Li Xiaolai’s attitude is now a lot of money may not be as reliable and stable USDT. What STO is not a new concept, just as the new term was re introduced. Do not deny the role of the STO, do not think it is what trend. Not what meaning to chase hot popularity block chain industry.
The rule of this thing is very important for the development of the blockchain. Because if there is no law that what you can do, what not to do, then there will be a lot of confusion, the development of the industry is bad. Once the rule is sound, so a lot of things, good things will happen.
How to make the transaction principle? Li Xiaolai said: “all traders should make the investment principles of the most simple, the decision must be responsible for themselves. To make money, you can be sentenced to death — never spend that money. In addition, the core competitive ability is also a profitable OTC investors”
Li Xiaolai had previously in the social media that individuals will no longer block chain investment. At the meeting of Li Xiaolai further explained “I said no personal investment, in order to prevent all kinds of platforms, to tell the truth I have been tired of being the platform station.”
Li Xiaolai confirmed in the broadcast, is involved in a currency block chain project. He also said that the block chain is not tampered with the database technology, the technology in the operation does not necessarily need money, such as the vast majority of public affairs block chain project.
The following is a question and answer essence:
1, Charlie Munger said, high probability and high odds of opportunity, to focus, and you don’t All In in the book, is this conflict?
The students mentioned, I emphasize one point in the book, not all in. Then ask me, high probability of high odds my chances with the idea that when Charlie Munger appeared under the heavy note, whether it is the conflict? Why is clearly not the conflict? Because all in means you have one hundred dollars, you can take this one hundred dollars all voted in, this is called all in, because you have a total of only one hundred dollars. But the so-called heavy note, heavy note does not necessarily say there must be one hundred yuan investment one hundred dollars is heavy note. In theory, if your target investment target is 10 if you have 100 dollars, $10 you voted on a project, it is paid attention to, right?
So there are no conflicts.
2, what do you think of this a few days stocks plummeted, U.S. stocks if the bull market has run out, stocks will repeat 08 years of that slump?
These days from U.S. stocks slump began to plunge triggered by the global stock markets, is not Chinese, many countries have been hit hard in the stock market. It is not only the stock market has been hit hard, even the original and the stock market is the seesaw city of B has also been hit. So how to treat it? Is actually very simple, is a bear market started, whether the bull market has run out, all the way to a certain extent, the bull market is certainly dead, right?
U.S. stocks will repeat 08 years of the crash, this one who do not know, no one can determine the future 100%. But there is one point trend, it is possible that this round of economic losses is very serious,
So we have to do this winter preparations.
3, the age of the Internet, the copyright has been stolen… To listen to the teacher to view this piece of copyright. Block chain can make it better… At present there are those in the project to do research in this area?
In fact, not only is the age of the Internet, when there is no Internet, copyright has been stolen by. In a sense we see is in the era of Internet copyright piracy rampant, but did not see another fact, in the absence of Internet copyright infringement, even will not be found. To the age of the Internet, the spread of the copyright, copyright spread and sales surge, increased to the point that the past hitherto unknown, is 1 million times, so you see the 1 million times in the piracy rate will become very high, right?
Is this kind of feeling. So the Internet itself is not copyright brought as people imagine so much harm. Then the block chain can make it better?
Obviously, but the need for a very long time, and is not a day for two days a year to two years and you can see the change.
4, you mentioned in the book, the lack of professional knowledge to play retail futures, plus leverage, volatility trading this superposition risk targets is “dead”, from the retail point of view, how to formulate the principles and our trading rules, resist the temptation in the world ultimately survive?
In fact, first of all to make it clear, there is no so-called retail and Zhuang, in my eyes, in fact, whether it is retail or Zhuang, are a bunch of traders who are responsible for their own funds! So don’t die at any time, whether individual or village. Then the trading world is indeed a flower in the world, right? Then work principle is a very difficult thing. So for the first time, all traders should make the most simple principles, such as “The Freedom Trail” to me in wealth, mention of such a thing, you used to do is invest the money you can for him the death penalty money is the money, you never have.
This is one of the most important core of the underlying principle. Without this principle, who can’t play. There are more principles, in fact many books I have mentioned
5, what do you think is the most important factor in the development of the two industry chain blocks?
This question is really fun, you said that what the teacher is the two most important factors for development of the industry chain block? One of the most important factors. Two I don’t know, I said my personal opinion.
I think that the most important factors in the development of the industry chain block is the rule of law.
Note here is cure drops of cure, is to make laws to restrict or allow the law to govern.
OK, then the rule of this matter on the development of the block chain is particularly important, because if there is no law to say what you can do, what not to do, then there will be a lot of confusion, the development of the industry is bad. Once the rule is sound, so a lot of things good things will happen, this is my personal opinion.
In recent days, 6 STO fire, then STO will be the next popular and what positive effects on the blockchain field?
In recent days STO is fire, then after seven days he did not fire, right? Chase hot usually is not large.
I personally do not think STO what the next big role in popularizing the blockchain, theoretically, this STO is not what the new concept of the past for a long period of time, a lot of people are doing such a thing, only recently as a new term out. I do not believe that the non block chain industry assets plus the block chain concept will fire up, this is not consistent with common sense, but some people’s wishful thinking. Of course I do not deny the role of STO, but I don’t think what it is a noteworthy trend.
7, recently in preparation for a blockchain project, but uncertainties network down. Compared to Ethereum and EOS, ask how do you see?
Or that sentence, all these things you cannot listen to others to recommend, you have to make your own decisions.
8, teachers in the next seven years to do what?
Many people are concerned about this issue, I also very concerned about. For the next seven years to do what I need to take a long time to take a long time to identify, take a long time to try. With you want is not the same, usually, when what I want to do things, not all of a sudden want, may take a very long time. Every seven years the change for me,
May be one to two years of time to think,
To like flies, hit left and right, then we can find a way out, right?
I don’t have a future of restrictions and fetters, right? So I also actively search. Of course I once started, you will see, that is because I rarely show his life in the internet.
What are you looking forward to 9, to Mixin the development of the project? How to evaluate Mixin may become the killer application block chain.
Ah, you are reading it in a letter, ah is actually mix in one, is to put a lot of things mixed together, mix in, right? Of course I was very optimistic about the mixin of the project, or not had become one of the earliest investors. Ah, that whether mixin could become the killer application block chain project? Ah, this is not me to predict, right? Because I’m worried about such a view I understood, as understood by others to call a single Kazakhstan advocate. Well, I am optimistic about him, so, I can only say some reason I like it. The reason is that it is good to say, ah, it is actually a huge trading network, and then, it uses TEE technology, making the trusted computing in block chain becomes possible, this is a major development direction, what is the future, see.
10, and is the most difficult, I think what is your theory?
For him, is the most difficult. What is the methodology? In fact, in many places are open about this methodology. As an asset and is the most difficult, so the most effective way is to get on the game after, and then, to put all the attention on the sidelines ability to make money, so you can take that thing, because you are making money on the sidelines, is to do ah, you do not worry ah it rose or fell, so it is relatively easy to get, you live, right?
So, whether it is a bear market bull market, OTC money ability is actually the core competitiveness of a trader or investor.
12, now the blockchain content platform a lot of incentive. However, the mechanism of the platform has a lot of problems, it is difficult to achieve “good.”. I do not know Miss Li of so many platforms have no research? If there is a mechanism to solve the existing problems?
I feel good weihaobao, even in the absence of the blockchain world, has not been very good to meet. Because good judgment itself is very difficult, there are a lot of good reception is not see.
Therefore, the blockchain wanted to complete the solution: weihaobao, I believe it is very difficult. And now we are trying, the biggest problem I see is the platform to attract people, but not to read the articles, or write articles, and more people want to make money. So the initial user needs a long time to carry out self elimination, sooner or later one genius may be completed, or is closer to our imagination of good friends.
13, Hello, I am a host of the community. With your consent, we have recorded a dozen anchor in your new book “self-cultivation” leek, put my personal record in the iVeryone version, excuse me, does this constitute infringement?
In theory this is an infringement, because I am not authorized to give you. Then you have no right, is recording my content, and then spread around, but also do not have the right to use it to make money, so, I this person is special, all publications I, do not care too much about my personal rights, so you love do not. The relationship between the. Of course, this I agreed to by more Never mind, so!
14, it is the bear market, what we need to do in order to have a relatively large harvest in the next time to the bull market? Long-term investment value of RMB will be a good choice?
Long-term investment value of money, will not be a good choice? Theoretically, you have decided that he is a valuable thing, the future is something of value. If this premise, the long-term investment is definitely on. So the question is not good, but you should ask, how to determine a certain thing is long-term value? But this problem is not good, because this problem can only rely on their own to answer. But whether to stick a little investment premise, whether you’re on your investment target is through contracts with confidence?
If the answer is obvious, isn’t it?
15, USDT on Monday after the crash, the discussion on the stability of money very much, but now more and more exchange launched various stable currency, or launch their currency stable. Want to ask the teacher to laugh, how to treat these stable currency? Stable currency to block chain assets, what is the biggest role?
Discussion on the stability of the currency has existed objectively, stable currency many solutions, in my eyes, is not particularly reliable, even less reliable USDT. Stable currency itself is a kind of block chain assets, convenient transfer, no geographical restrictions.
Well, the discussion on the stability of currency has long been existing. Then, I personally do not Bitfinex with what conflicts of interest and interest, whether I like USDT is not important. Well, but the objective evaluation, present a lot of the currency stable solutions in my eyes are not particularly reliable, even less reliable USDT. So, this how to treat these stable currency? So the user is concerned, it is a tool to hedge them, right?
What is the currency of the blockchain stable assets? In fact, stable currency itself is a kind of block chain assets, so it convenient transfer, right?
No geographical restrictions, these are its specific use.
16 Li, if your life can be over again, what would you do?
If your life can be over again, what would you do? The key word here is if that time is the one thing in the past, then it is unlikely to be reversed, so in this matter does not exist if the time is. Since there is no thing, we will not go to spend time and energy to think, to imagine. We only think about the future, we do not want to change the past. This may do any trading person should hold the basic idea, so the question is, I can’t answer, because there can be a once again, so I won’t choose what thoughts. In fact, the answer to this question is not based on boring, but that others can see, some people are so to adhere to the principle of thinking about the problem, for, as an investor, or as a trader, you should think so, we only see the future, do not look at the past!
17, this is a question, is to laugh to the teachers and we will meet, why have received 39.9 tickets? The teacher did not rely on this life? What is the meaning?
What is the meaning? It seems to be a more sinister purpose is consistent with your imagination, it will meet at 39. 9 tickets, and Li Xiaolai also depends on this. You either want to, I can’t decide.
18, the real market phenomenon, in addition to you with a calm state of human abuse, there is no other phenomenon? Or, my personal experience is that once in the bull market, high all or in strong milk project, will not occur, or will not appear, said the bear market has been in the end…… Want to hear your opinion?
What time the bull market coming to an end, when the bear market in the end what? This is all people want to know the answer to a question, but in fact no one can tell you, because if he decides the one hundred percent confirmed to know about this thing, why would he tell others? So things like this are the need to judge for yourself. Some people say ah even selling tea aunt to buy the stock, the stock market is coming to an end. This is a judgment of the way you look at a way to judge what you said is the bear. However, I can tell you is, in general, whether it is the bull market or bear market to the top end, will be beyond most people’s imagination. So most people including you and me,
19, you have been listening to the recommended EOS, but many chain circle of friends think EOS is the center of the mind and spirit of a back block chain, can you explain it?
The one hundred percent to the center, in reality, it is difficult to do, and the efficiency is not high. So the historical point of view, we are in the pursuit of a compromise, in fact I think EOS is in one hundred percent to an effective compromise between the center and the availability of.
Well, so I don’t think he has a problem. In another is like this, what time do you always listen to my recommendation EOS?
I vote is a fact, but I rarely recommended outside, because is not recommended. But don’t listen to my recommendation. Because you listened to my recommendation to buy you nor me money, you also fell to scold me, right?
So still have to make their own decisions.
20, I ask you a small problem of encryption currency, if starting from tomorrow only allows you to hold three kinds of encryption and fixed currency positions, without considering the switching costs under the premise, you will put your existing positions into which three, its holdings will probably be how distribution (such as A70%, B20%, C10%)?
I even have the answer, I will not tell you, it is my own decision. And then tell you no use ah because you actually don’t believe me behind then logic, so you still hold.
Then you already have this idea is very good, then I tell you some of the basic principle is simple. You have to pick three in the top ten, right? This is the first. The second is that the proportion of how to choose? You go and see what they are accounted for in the current market share, so you will have a basis for judgment, and whether it is positive or reverse selection, you have a choice, it is like this, right? So this thing is must rely on their own thinking, so you can believe, so what others say about you, what happened outside will change your choice, while others tell you, it is not the case, right?
They still rely on their own. I hope to be able to satisfied with the answer ah ha, I try.
Saying: “if tomorrow only allows you to hold three kinds of encryption and fixed currency positions, without considering the switching costs under the premise of their positions will probably be distributed?”
Must rely on their own thinking, so you can believe, so what others say about you, what happened outside will change your choice.
21, can you talk about how to “demand” and “leek” definition of the concept? Want to let you talk about the process of the two concepts extracted? What is your concept of a clear and accurate refined and polished for a clear and accurate concept? This process, easy detours deviation, usually should pay attention to what? How to make this concept and other concepts clear, accurate and necessary contact? In the process of Qucuqujing, Quweicunzhen to pay attention to what?
Carefully define a concept, to come up with a definition of myself is a very difficult thing, it takes a long time to think. For example, if the concept of leek, before I did not stretch that serious storm of public opinion, I may bother to think what is the name of Chinese chive.
Later, because there is such a thing,
I’m thinking to finally get a definition,
Is that the non zero sum game as zero sum game to deal with people, so it is likely to be true because they will be facing leek, leek today they claim to those encountered embarrassment. And I put those embarrassing list again in that book, you see, this is actually a habit, you used to put the concept you use accurate, slowly good. You will find a lot of people use the concept is very vague, very wrong, then you will not satisfied with the use of the concept, then you have to come up with their own concepts, it is like this.
22, if the investment is their own decision, so this road is the master guides? The master door, their nature is suffering reflection? Can you talk about is how to do reflection on investment?
This road is of course the teacher guides, ah in areas which are like this. But this is a special field of a point, master guides account for only a small part of the role, most still rely on their own, because no matter what the result is, is to rely on themselves to bear. Right? Do you go to school in real life, you learn in high school is not good, the master is not responsible, is it right? This is a very big scolded ah? Only this, right?
But if it is in the field of investment? Well, master responsibility may be, right?
So few people put this thing like when the master to teach others, so more time is only rely on their own.
23, for the block chain, it can be understood as a similar to Apple or Android’s underlying operating system, all kinds of money behind the technology is the system based on APP? To judge whether there is a value of a currency, not for people who understand technology, announced from the company to solve the problem of the technology of a few words is very difficult judgment method?
You this is a difficult question to answer, because this analogy for your very inaccurate. So when you go to a new understanding of things, do not easily use any analogy, why?
Because of the analogy would normally put a new complexity simple. So don’t use the analogy to understand new things, but to jump in the understanding of what it is, why? An important reason for the bad analogy in a place like this is said by analogy is known to know the unknown, but you have now is a new thing, so there is no relationship with the past analogy, that this time you will lose the direction, right? Do not use the analogy so easily, take off your analogy, what is the blockchain? What is it, what is the application, it is what,
You don’t use this analogy, but this analogy will make you more and more confused.
24, Jack Ma announced in education next year after retirement, you before the New Oriental is very successful, but also ready to switch, the future will continue to participate in the education industry or investment account?
I said I was ready to switch, the switch is better for me, and then the block chain of this industry and I can’t hide, so I could not leave from the block chain in this industry, this is because I can find the biggest trend, may be the trend across my life cycle. So as for consideration or investment education industry will continue to participate in the future?
Is to say, starting from the investment point of view, I don’t think that education industry is a very high rate of industry growth. In view, a higher rate of industry growth than it very very much. So it is not a good choice for investment, but I will not do this thing not to say. In fact, I have never left the education industry, you see me ah ah Ah Q & a Book Lectures, is actually a sense of education.
What is 25, the next breakthrough direction?
I do not think what a technological breakthrough, breakthrough technology in Kazakhstan don’t think constantly, you want to see what direction, for example, to the development of the Internet today, it’s the most basic agreement, HTTP is not what a breakthrough, that’s the way he is, he has completed his most simple function, then we have been in use, what it is like? Is building a house with bricks, bricks, this thing is not to break through, right?
Ah no matter what kind of change you house, right? The brick does not require much breakthrough, so block chain technology is also very like the analogy, is the blockchain technology itself now has a relatively perfect, what it does not require much of a breakthrough, but the more important reason is that in this simple but effective things, we can build what kind of things. Then the next breakthrough what is what? I seldom think of.
26, some people say that if you switch to the nearest, and Luo to do mobile phone. You can consider this, this is the probability much?
This probability is almost equal to 0, I do what I will not do mobile phone, because it is the industry that I didn’t know why, I personally do this also not too big.
27, do you think the idea of foreign chain which blocks excellent can be introduced to try. The second is what do you think is the most worthy field block chain development?
I don’t think in the world, the introduction of domestic and foreign ideas, this practice will play a role, the long term effect is not great. In the absence of the Internet era may be, after the Internet this internationalization tool, there is no such a big role, and block chain this thing than the Internet but also internationalization, globalization. So this kind of practice is not large. Well, what is what is the field block chain most worthy of development? I also publicly said that in fact the blockchain most worthy of development in the field is not business, but ah, public affairs, right? The field of public affairs to block this auxiliary chain, right?
28, mentioned in the book the importance of cycles and trends, but also mentioned the real trend of at least 2 to show the real. After 2 cycles, if not in the air, or bonus almost depleted, it would not miss the wave tuyere bonus? Please smile to the teacher, as a new admission of investors, how to balance the cycles and trends in the remainder of the rational, and seize the industry early opening?
So actually all investment activities, the most advantage of the strategy is a long-term investment, its core is that investors can see the future, can use long time to verify their own ideas. Then after many cycles of cycle, you can verify your idea is right or wrong. But if it is in a half cycle or within a period of time, there are a lot of misconceptions, may also see a seemingly correct result, so it will be more chaos. If you are afraid of missing the air, it means that you actually do not fit to do the investment, because you only see the eyes, you do not see the future, right?
See the future of the air itself is not necessarily interested in, because the vast majority of air is just fantasy.
29, we as a consumer electronic products of the traditional small and micro private enterprises, this year the day is really too tight Baba, Sino US trade war, the economic data released this morning, so that the economy continues downward, the traditional industry, the next few years the trend, what is the specific suggestions and opinions?
In fact, I feel that regardless of what industry people, a period of time in the future will face the consequences of some economic depression. So all the people facing the situation is the same, how in such a bad environment conditions, still maintain their own strength, right? So what advice is what? If you do business, right? Reduce the cost. If you do invest, then you put less exercise, right? For the economic downturn, the vast majority of individuals in the world are not in any way, only carrying, as if winter comes, right?
You can think of something to keep ourselves warm, warm.
30, please talk about your Buffett evaluation, authentic assessment.
Old Mr. Buffett is really cattle, this is the first, the fact that he is very cattle. Second, he is really a very deep thinking of people. Third, he really missed some opportunities, but this does not mean that he is not doing well, he did very well, but is that everyone has their own investment and circle. So my personal assessment is like this, Buffett’s old classmate in the earth is rare, so few people to achieve the ultimate in their own circle of competence, or admire!
31, how do you see the current financial industry net profit accounted for half of the world’s top five hundred, after the blockchain will subvert the financial industry, the financial industry will block or chain fusion in?
Give you a perspective, this is my point of view, why the financial industry will account for a large proportion? Because itself is also a financial market, this market is the subject of the transaction money itself. But the money this thing in today’s world in the digital world where the transfer speed is the fastest, the transaction is the fastest speed, so it is the largest market share. This should be a point of relatively easy to understand.
The blockchain will subvert the financial industry? This is also a lot of people are very naive. A database technology, who do not who can subvert subversion. A lot of the bitcoin fans, right? In the past few years has been on bitcoin subversion, that you have seen what bitcoin subversion.
I personally have not seen, even a few years ago, I often say, he is not a subversive what things, but that it is a new thing, there is room for growth.
32, would like to ask you to believe that a higher growth rate of industry which features? We choose these industries in investment at the same time, young people have no need to enter the industry?
The growth rate of high industry what are the characteristics? This is a very worthy question, all growth rate high in the industry have a common feature, one of the most important common feature is that it can improve the efficiency of the existing world.
For example, the emergence of the Internet, it is to improve the efficiency, the block chain is so, what things like them can provide efficiency contribution so much to the world, so their growth rate is certainly very high. So young people have no need to enter this industry, is not necessary, there is no need to ask, but actually when you find a high growth industry, you must rush to work, this is the best choice.
Before just appear in the final results, you have no way to determine the one hundred percent, it is really a very high growth rate of the industry?
33, you can share your understanding of coinless blockchain, block chain no coin pass card incentive mechanism will run well?
The first coinless block chain, not the money itself is not to say that there is no money in this system, but this system does not necessarily have to have money, there is also no coin or coins. So I was involved in this project, is doing coinless blockchain. So in fact the blockchain abstract understanding is a kind of do not tamper with the database technology, the database technology in the process of existence, is not necessarily a coin. But the vast majority of public affairs is the need for such a block chain technology has no money. So as to pass credit incentive mechanism, do not think that only the money incentive human a kind of thing, really not the case, so you can imagine a lot of scenes without money incentive is the same to do, and there are 1 million scenarios with money but not a good incentive.
34, do you think the future will have SC value?
I think the future of SC as well as the value of what is it to you? It’s not that I don’t want to answer your questions, this is I hope you seriously consider the issue. If you feel that it is not good, then you should sell it, or you don’t get it, if you think it is good, basically it fell, you should hold, and will continue to buy. So, so it is completely on your own.
Then a block chain in the world to do to the center of the storage of things there is no value? Where is the value of it? Right? People will try to tell you, then you believe or not believe,
Or is that you get your own conclusions through your analysis,
This conclusion must take out, this is I have repeatedly mentioned today.
35, ask the teacher to bear now already 10 months, according to the 18 to 24 month cycle of coins you, each group is very quiet now, is not a sign at the bottom, or just beginning?
I can’t come out now is really not out of the bottom, judge. Know only afterwards. Bear how long no one knows. I personally feel that hope here bear a little longer. So put those bubbles squeezed clean. Let those people walk in a horrible mess. It is a good thing.
36, you no longer for their own investment in the recently proposed, that you are also responsible for INB investment?
I think this worry is not necessary, completely did not understand the words I had written, I said at the time that the individual is no longer investment, right?
My personal investment is no longer, in order to prevent all kinds of platforms, to tell the truth I have been tired of being the platform station.
So you see what Li Xiaolai said is in the project investment, right?
That is certainly true.
37, you just said USDT than other stable currency solutions are more reliable, so the USDT last fall, do you pay attention to? Do you think what is the cause?
To be honest I didn’t pay much attention to, because I don’t think it was a great event, certainly seems to be a lot of people think it is a big event. On the issue of Bitfinex USDT questioned the voice, have never been broken, and they do have problems, I don’t know.
But I don’t think of such an event it will affect the blockchain world, so I think he was of little importance.
38, you have published a few books after the individual creation, will continue to write? What is the writing direction of choice?
I can’t stop writing things, every day I write. As to whether the publication, that is what I see your mood. Because the publication did not have much influence on what I personally. If it is said to be able to choose, but I think it is particularly difficult, if can choose, I will write the story in future, rather than write articles of reasoning.
39, Charlie Munger didn’t see bitcoin, what do you think of him?
The answer, Charlie Munger is not optimistic about bitcoin, what is the relationship with you? He is not optimistic about he would not buy, you see you buy it, he is not optimistic about, so you are not optimistic about the. What is the relationship with you, what’s good for you, right? So his opinion is his opinion and we have what relation? Right? So what can not, he is not optimistic about is not optimistic about the chant, do not look at the bitcoin people have to go,
Right? For example, Lang Xianping students are not optimistic about bitcoin.
40, do you think the investment principles will “iteration” what you say now? If possible, what is the reason?
Most of my investment principle is difficult to be iterative, because I follow the simple is the most basic truth, it is a reliable way make up. So my investment principle is usually the case, I think it’s probably not long iterative. Because just look long and worked out the principle.