2025 Annual Investment Review

It's that time of year again for reflection. Frankly, I'm a bit afraid—if I look back and find no growth this year, that would be truly terrifying. This year I turn 35. A man reaching 35 should take a good look back. The first day of the Lunar New Year also happens to be my birthday. Amidst the festive noise, it's a moment to calmly think about life, work, and investments over the past year. A birthday gift to myself.

Life & Work

2025 was a particularly surreal year. There was pressure, there was frustration, but it was also accompanied by too many fresh experiences. Looking back, the year was incredibly dense.

At work, I maintained my usual curiosity and competitive spirit—doing new things, achieving new results, another year of not being a coward.

In life, I started regular strength training and healthy eating. By early 2026, my body fat was below 18%, not a pot-bellied middle-aged man. Health is the foundation of everything, and I'll keep this up.

Investments

In 2025, my personal account investment return was about 12%. Around age 28, I reached the A8 milestone (tens of millions RMB), and always thought I'd reach A9 (hundreds of millions RMB) by 30. But at 35, I'm still a bit short.

My overall investment understanding deepened another layer this year, building on last year's cognition.

Core Understanding: "Shoddy Crews" & Error Correction Efficiency

In this world, whether it's governments or enterprises, they are essentially "shoddy crews"—any part can go wrong. The key isn't whether mistakes will happen, but the speed and efficiency of error correction.

This understanding reaffirms the logic behind my holdings in QQQ and BTC:

QQQ (Nasdaq 100 Index)$Invesco QQQ Trust(QQQ.US) 

It's a collection of the top 100 US tech companies. The index mechanism itself is a survival-of-the-fittest system—companies with low error correction efficiency are automatically weeded out, leaving the continuously growing winners. It aggregates the wisdom of 100 top CEOs, representing not "too big to fail," but "big and continuously evolving."

Looking back at the three technological revolutions helps understand technology's driving force on economic growth:

• The Steam Age: Lifted the world out of the Malthusian trap, global per capita output growth rate jumped from ~0.1% to 1%~1.5%, core industry efficiency increased 50-500 times.
• The Information Age: Internet technology contributed 10%~21% to mature economies' GDP growth, adding trillions of dollars to global production.
• The AI Age: By 2030, AI is expected to contribute $7-15.7 trillion to the global economy, with global labor productivity projected to grow at a compound annual rate of 1.5%~3%.

BTC (Bitcoin) $Grayscale Bitcoin Mini Trust ETF(BTC.US)/USD(BTCUSD.HAS)  

Beyond the foundational consensus of "non-inflationary" and "decentralized," there's a deeper logic for holding it in the AI era: when future AI assistants need to collaborate and settle transactions, will they choose a fiat currency issued by a specific polity, or a globally accepted decentralized currency? The answer is self-evident.

TSLA (Tesla)$Tesla(TSLA.US) 

I've always kept this single stock in my portfolio. I won't elaborate this year, but in 2026 the public will rediscover it—the era of full self-driving and AI+ robot assistants will accelerate in 2026, and Tesla will be the starting point.

Revisiting the 2024 Strategy Review

Summarized a few strategic principles, still applicable this year:

• Choose Long-Term Trend Assets: QQQ, BTC, TSLA—the very few assets unaffected by short-term noise.
• Long-Term Hold, Regular Buys: No market timing, no frequent trading, only buy, never sell.
• Special Note on TSLA: Musk is the rarest entrepreneur of this era. The growth of companies he leads far exceeds the norm. If he leaves Tesla, I will also reassess this asset.

Furthermore, I liquidated all non-US stock holdings two years ago. An analogy to explain:

If the US stock market is the world's largest casino, each stock is a gaming table. The popularity of a table, you think is contributed by the table itself, but to a large extent, it's the casino setting the rules. Want to make money? Either sit at tables with good relations with the casino, or change casinos—but besides the US market, which other casino has such liquidity and depth?

So, simply don't sit at those awkward tables.

Final Words

People, money, things. Allow everything to pass through you, allow everything not to linger.

May we all travel light and move forward with determination in the new year.

(Ending with 2 photos I was quite satisfied with from last year)