To The Moon

This year, the annual reports of my largest and second largest holdings have been released, both of which are big beats. One rose by more than 20% on the same day, and YTD has been 40%+, and the other PDD opened high and closed low, YTD-9%, the worst among the four Chinese e-commerce companies. It can be seen that in the short term, value is not a decisive factor. It may be more important to look "high" and very crowded.

I recently reread Chapter 8 of The Smart Investor and suddenly found that the example used in it was A&P. I didn't feel anything special when I first read it a few years ago. Now, after more than two years of personal investment practice in the retail industry, I still feel a little emotional: a retail history, half a technology history + half an economic history.

There have been several retail super bull stocks in the history of the United States (A&P, Sears, Costco,Costco,Walmart, Costco,$Amazon.com(AMZN)$  Amazon), and in the early and middle stages of their growth, their valuations can be underestimated for many years. It can be seen that the moat and competitive advantages of retail are not so obvious, and you cannot lock in your users. This is a highly competitive industry, an industry that changes dynasties every 20-30 American years. Perhaps because of this, it provides investors with an incredible annualized return rate of 20-30% for up to 5-10 years. Looking back, it seems that everything is logical (people, the pulse of the times, and the changes in technology), but when I was in this mountain, even Buffett sighed, who would have thought that Walmart could defeat Sears, which has scale advantages and financial advantages? What did Walmart have at that time except Sam Walter?$Nasdaq100 Bull 3X ETF(TQQQ)$  $Nasdaq100 Bear 3X ETF(SQQQ)$  

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