Some thoughts: 1) Making money in a trend era: choice + execution; Making money when the dividends fade: choice + ability.

2) After the dividends fade, choices become more important. In an era of trends, choice is consensus, just like whether you choose a third-tier city or a first-tier city; everyone understands that. However, in an era of stock, choice becomes the most important ability: it is like choosing a district in a city. Is it the southeast corner at 45 degrees, or the northwest corner at 45 degrees, which place hides the gold mine; which place has structural opportunities? The difficulty threshold has increased.

3) Choose greater than effort, this is a consensus. What determines the choice? 1. Cognition. 2. Connections (information)/opportunity.

4) Ability structure: Everyone's ability structure is different. In the afternoon, I communicated with my senior and managed to break through. His core advantage, comprehensive ability, is the ability to go from 0 to 1 quickly. For example, in his business, he achieved 0-100,000 in just one month. However, it took him half a year to reach 100,000-300,000. A typical characteristic of the stock era is that you cannot expect to become fat overnight. This is because the market capacity for a single project is limited or the competition is fierce. There aren't that many opportunities for a single project to generate 500,000 or 1,000,000 in profit in a month. As you increase your investment, the return on investment decreases, and the marginal returns on effort diminish. My senior's previous bottleneck was always thinking about achieving a profit of 500,000-1,000,000 in a single month. However, under the current market conditions, it might be best to stack projects instead. Rather than struggling to achieve a profit of 500,000 in a single month, it would be better to focus on five projects generating 100,000 in profit each month.

5) I gave him an example of the squirrel's situation. One benefit of physical stores is that squirrels know there is a limit to the monthly turnover of a small physical store; if they want to earn more, they need to open branches. However, online business creates an illusion that it can keep growing stronger continuously. That's how my senior fell into this trap and exhausted himself. In reality, online business should also adopt a multi-store model. This is how the market works. For example, in the cryptocurrency space last year, the meme trend was about single coins reaching 1 million, meaning buying one token could earn 1 million dollars. But this year, it's all about single coins worth tens of thousands, where extensive analysis of coin selection strategies and narrative control is required. This is a typical characteristic of the decline of a trend's competitive advantage. This has been repeatedly proven in various fields. I mocked my senior, calling him foolish for always thinking about creating a public company and wanting to do something big, when he should actually shift his matrix thinking from account matrices to project matrices—of course, the most important part is that seemingly different projects share the same underlying strategy, which is a matrix flow mindset, essentially a template of abilities. I estimate that if he executes based on this thinking, his total profit will see a significant increase in the next three months!

6) Trends + Execution (The Era of Dividends). Choice + Ability (The Era of Stock). Then everyone needs to see what their overall capabilities are. For example, for me, investing seems to be quite suitable and I'm good at it because I have this damn insatiable compulsion to think. When I encounter confusion and can't figure things out, I don't let myself off the hook even in my dreams, and I don't let myself off the hook while swimming either. This is both a worry and a talent. Moreover, I dare to think, and I'm good at ruminating. Managing money is much easier than managing people, after all, there is no communication cost.