Reflections on Investment
By：pxf
Importance of a Broad Perspective: The article emphasizes the significance of having a global view and focusing on key directions, rather than getting caught up in minor details. A broad perspective determines success or failure, while details only affect the quality of the outcome.

Investment Choices and Direction: In investment, making the right choice is more important than sheer effort. Only when you choose the right direction will your efforts pay off. The article uses U.S. stocks and cryptocurrencies as examples, suggesting that selecting relatively fair and predictable markets is a wise move.

High Barriers and Investment Opportunities: The article argues that investments with "high barriers, opacity, and complexity" are often better because they help avoid excessive competition and create profit margins. Ordinary investors should seize such opportunities when they arise and not shy away from difficulties.

PS:
Information Asymmetry and Profits: Taking advantage of information asymmetry can yield profits, while transparent markets that everyone can access often lead to unhealthy competition and thin margins. Therefore, choosing projects with higher barriers to entry and limited access provides greater chances of success​.