The charm of stocks lies in the fact that behind them stand real listed companies, which can tell their stories and even turn those stories into reality. But this is also the problem—when prices keep rising, many people's reasons for buying stocks become purely because the price is going up. This phenomenon is somewhat like the art collection market for Rembrandt paintings; people are not chasing the artistic value itself, but the expectation of appreciation.

Once the wealth effect starts to ferment, the huge gains and losses caused by stock fluctuations often trigger a series of chain reactions—greed, excessive leverage, market bubbles, and one after another.

To survive longer in this game, the core logic is actually very simple: investing should follow the right path. Embrace the value itself, rather than price speculation. Stay away from risks, rather than blindly pursuing risky returns. Knowing what you're betting on is more important than winning the bet.