Markets always swing to extremes; before reaching a peak, there is a trough. Just as darkness is darkest before dawn, and even darker afterward. In the face of major new technologies, markets tend to overestimate the present initially and underestimate the long-term later. Before markets improve, they often deteriorate first, then perhaps genuinely turn around. Markets are not always efficient; when everyone thinks they are inefficient, they often become surprisingly efficient. Therefore, "simplicity is the result, not the starting point." The starting point of investing is always reading more, working more. No self-deception, no casualness, no complacency. Because your investment results are often proportional to the honesty embedded in your efforts. ——Bian Ximing