$MEITUAN-W(03690)$ I told my friends in the evening that I used to trade industry + trend, but cyclical trading is my focus in the next step, and cyclical trading should be able to satisfy a considerable amount of money. However, it is obviously not convenient for short-term funds to enter and exit after reaching a certain threshold. The cycle is not a bet on dogs. It is based on the judgment of the global competitiveness and cost-effectiveness of asset-heavy industries in difficult times. However, light assets cannot bet on the cycle, because asset-light disruptors are too easy to subvert. Meituan is very good, but the value of Meituan in my heart is It means how much money was burned back then, and how much money is burned now to become it. Just like Pinduoduo, tens of billions of subsidies will burn out the market value of Alibaba. Of course, Pinduoduo not only burned tens of billions, but it certainly did not burn to one trillion. But heavy assets are different. You can join at the bottom, but you have to spend money to purchase the object. Maybe at the bottom, you subvert him and the money you want to purchase the object is more than the market value of the company. In this case, if you have no more money than the market value of the company in the long term, It has better competitiveness. If you subvert its price/performance ratio, it is not cost-effective and you will not get a capital premium, so you might as well invest in it.
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