夏雪宜
夏雪宜
Focus on US stocks and walk with great companies.
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The biggest advantage of good on-chain US stocks and crypto stocks is convenience, but the biggest problem is the price difference from the real stock market. Usually, each share is a bit more expensive, which is their profit and trick. There is also a bid-ask spread; not only do you buy at a higher price, but you also sell cheaper than the real stocks... Buying high, selling low... There are holding costs and various fees... None of these are important. The most important thing is "uncertainty"! Because making money with US stocks requires long-term holding, a slow pace, ten or twenty years. By then, these platforms and crypto stocks—do you know how to get them back? Who cares about you? Who is responsible for you? This is why we must use Interactive Brokers and Charles Schwab. They are older than you and me!
What truly hurts you is never the obvious enemies, but those you think are on your side.
When an enemy stabs you, you feel the pain, you dodge, you fight back. But when someone close stabs you, your first reaction isn’t pain, it’s confusion—you’ll spend a long time doubting yourself: Did I do something wrong? Did I misunderstand?
That’s the most deadly.
History is full of such cases. Han Xin fought all his life, helped Liu Bang conquer the entire realm, but died in Changle Palace. It wasn’t Xiang Yu who killed him, but the very person he desperately helped rise. Li Si helped Qin Shi Huang establish a system that ruled for thousands of years, but was sent to the execution ground by a forged edict from Zhao Gao. Before they died, they probably had that moment of confusion—I've been so good to you, how could you do this?
But think about it the other way: it’s precisely because you were good to them that they had the chance to stab you. Strangers are too far away to reach your weak spots. Only those who voluntarily take off their armor and expose their backs to others are vulnerable to ruin.
So maturity isn’t about no longer trusting others. Maturity is about trusting others while no longer handing over your life. You can be kind to people, but you must keep the ability to heal yourself.
You can open your heart, but don’t give away your life. Many people spend a lifetime trying to understand the difference between these two words.
Many people always ask and worry, are the South Korean stock market, Japanese stock market, and US stock market so crazy that there is a bubble??? I think there is, but it is controllable. It's like a glass of 🍻 beer, a little foam is necessary for good taste, appearance, and normalcy, but the beer still makes up seven or eight parts. Moreover, the true AI era has not yet arrived—the large-scale implementation and application post-AI era, the physical AI era, AI creating AI, the era of AI and humans co-governing the Earth... Where are we now? Light, copper, electricity, ice, storage... and endless demand multiplied by a thousand or ten thousand times. The curtain of the era has just opened a small crack!
There are always only three types of people in the market:
The first type: those who don't understand
Chasing trends, emotions, buying high and selling low,
Full of passion, yet always doing the wrong thing at the wrong time.
They are the largest and loudest group.
—I used to be one of them.
The second type: those who seem to understand but don't fully
Know a little more than the first type,
Greedy a little more than the truly knowledgeable.
They understand the principle of "slow is fast," but find it too slow, too hard, too boring;
They believe they have extraordinary insight and skills, always wanting to hit a big opportunity in one strike and get out.
—I was once one of them too.
The third type: those who understand / enlightened ones
They are extremely selective with their targets, almost rigorously disciplined;
They believe in the simplest truth: buy good companies, at reasonable prices, and hold long-term;
They truly live by the words of Buffett and Duan Yongping daily:
Circle of competence, don't do what you don't understand, no borrowing money, no short selling, keep a calm mind.
They don't fight the market but become friends with time and good business.
—Such people are extremely rare.
Now, I strive to be one of them.
The vast majority die in the first type,
Many get stuck in the second type for a lifetime,
Those who truly make big money and sleep peacefully are almost all in the third type.
1. Don't understand the rules
Dance with emotions, flow with trends.
They are the main "fuel" of the market.
2. Know some rules but refuse to follow them
They have seen the "right way" and know it likely leads to wealth,
But think it's too slow, too hard, too "boring".
So they hope to use their "cleverness" to catch a big opportunity.
Most "technical traders" and "timing experts" fall here.
3. Truly understand and respect the rules
They are extremely selective and highly disciplined;
Treat buying stocks as buying companies, anchoring prices near intrinsic value;
Fully commit within their circle of competence, firmly avoid outside it;
Not eager to prove themselves, willing to let time and compound interest prove it.
They are the market's ultimate "harvesters" and the quietest group.
The first type provides liquidity,
The second type provides volatility and stories,
The third type takes most of the profits.
I took 13 years of detours from type 1 → 2 → 3.
From billions in assets to devastating losses.
Fortunately, now, I am in the third type.
The great way is simple, nothing more.
Where are you currently?
More importantly—where do you plan to stop?
