My investment experience over the past 3-5 years

A Value Investing
Buy things that cost 0.5 yuan for 1 yuan—for example, buy convertible bonds within 100;
for example, in 2022–2023, buy monopolistic, high-yield stocks such as China Shenhua, PetroChina, China Mobile, China National Offshore Oil, etc.
This approach sounds airtight in terms of logic.

B Follow the Trend
This approach is sometimes dismissed by value investors.
For example, in the AI wave, follow the U.S. market—when Nvidia rises in the computing power sector, domestically buy Cambricon and Huawei Hongxin;
when Micron and SK Hynix rise in storage, domestically buy memory-core companies—ChangXin is not yet listed—so you buy module companies such as Jangbo Long and Bizv Storage;
GE, Siemens, and other gas turbines have orders for AI infrastructure running at full capacity; domestically, it’s companies like Dongfang Electric, Harbin Electric, China First Heavy Industries, Weichai Power, etc.

C Buy Great Companies at a Fair Price
For example, buy Moutai, Gree Electric Appliances, and Haier years ago—these kinds of cases are talked about the most in the market, and the stories are the most moving.
But based on my personal ability, for now I can only handle one or two areas: one is the main one. Buying cheap assets is relatively easier to understand, with dividend yield as a reference;
convertible bonds are based on a strong call/repurchase feature; the strategy is simply wait for the wind to come.
The hard part is enduring loneliness and waiting through it;

Buying great companies requires insight—into the company’s products, internal management, and also observing the broader trend; this is the hardest to do, it’s like the challenge of a seven-foot guardrail.
The difficulty lies in tolerating the massive fluctuations in the middle;

Follow the trend. It looks the most short-sighted. No longer set up early positions in advance—yet the result may have the highest returns.
Admitting this requires a “weak person’s mindset”: an understanding of company fundamentals that tends to shift with the cycle; the focus is on understanding the market’s viewpoints and perspectives.