Investment Notes on the 25th Stupid Brother selects a boring but useful phrase from his investment notes and shares it with everyone: One cycle and two cycles: Silly brother discovered that apart from the favorable wind period and unfavorable wind period. There is still one cycle and two cycles. After the rapid split of new coins, new projects erupted, and one project occupied a large number of opportunities. When a new concept emerges in the market and high-intensity splitting begins around the new concept, playing with the new target segment is very good. But when there are no new concepts in the market and liquidity is good, opportunities for second stage projects will emerge. A mechanism similar to Believe is also shaping the second cycle. Selection and withering: In the primary market, if you buy all the hot targets in the current market evenly. If you hold patiently for 2 weeks to 1 month, there is a high probability of falling into losses. Even if some of the targets have a two-stage possibility, the entire investment portfolio will still suffer losses. Why is this happening? Because in the short to medium term, without significant changes in market liquidity, the target itself is also undergoing intense fragmentation. On the other hand, if the hot projects in the same batch can cross the monthly time, they have probability weight; There is no chance for the new batch of projects; It will also greatly reduce the difficulty of investing in the primary market, leading to profits for the mainstream population. This is unrealistic in most market situations.