The recent Twitter account suspension incident is very hot. Many newcomers want to become 'KOLs' in Web3, but their accounts are treated as part of a matrix cleanup. This reflects a problem: we chase superficial volume too much while ignoring the real abilities that should be accumulated—investment and trading.

How to maintain rationality in a chaotic market?

Howard Marks provided a clear line of thought in his latest memo (AI bubble):

1. Clarify the issue: Discuss whether there is a financial bubble in AI, rather than the technology itself.

2. Define concepts: Distinguish between 'good bubbles' and 'bad bubbles'.

3. Position the current situation: The business model is unclear, but capital expenditure has gone crazy, and the debt and equity markets are overheated.

4. Distinguish between technology and finance: AI may disrupt the world, but a similar frenzy has appeared in the financial market.

5. Maintain a moderate position, choose carefully, and avoid being swallowed by bubbles.

This also leads to a key but often overlooked concept in investing: intangible value.

Reviewing Berkshire's portfolio changes:

· Industrial Era: Emphasizing Tangible Assets

· Brand Era: Emphasizing Brand Value

· Information Era: Emphasizing Intellectual Property + Network Effects

· AI Era: Emphasizing Data, Algorithms, Computing Power, Ecosystem

Intrinsic Value = Tangible Value + Intangible Value. Today, intangible value—such as R&D, brand, data, and network effects—has a far greater impact on growth than tangible assets.

Data shows that countries and companies that invest more in intangible assets have stronger long-term growth. The 'Intangible Value Strategy' has historically outperformed indices. This reminds us: not only should we choose the right industry, but also identify companies within that industry that genuinely value innovation and accumulate intangible value.

Currently, there is much discussion about gold and silver in the market. Some analyses suggest that precious metals may enter a long-term rise after a short-term adjustment. But regardless, the key remains: maintain rationality amid the noise, recognize true value, and avoid getting lost in the narrative frenzy.

Ultimately, investing is a practice of cognitive refinement.

Engage less in the frenzy, and study the essence more; chase labels less, and accumulate abilities more.

Let's encourage each other.

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