Do you really understand the source of the money you earn?

Looking at all assets from these two dimensions can explain many principles:

**Horizontal axis is speculation** — How much of the price fluctuations come from popularity, stories, and market participants' bets?

**Vertical axis is technical content** — How much of the true value stems from technological progress itself?

Breaking it down this way, the roles of government bonds and gold become obvious. They address the issue of capital preservation, not appreciation. In other words, when you buy these things, the goal is "not to lose money," not "to get rich."

In comparison, innovative projects and emerging assets usually score high on both dimensions — they have technological innovation potential and are also full of market sentiment fluctuations. The risks are high, and the potential returns are also large.

By clarifying this logic and reviewing your own investment portfolio, you'll understand the risk commitment of every dollar.