$XL2CSOPHYNIX(07709.HK) There's not much bullish or bearish sentiment. My holding cost was 15. I added to my position when it was around 50, but I'm still losing money now. Mathematically speaking, if you dare to add to your position at the peak and treat leverage as value investing, you're still losing money. The two trades in 7709 last November gave me my first taste of what a ten-bagger feels like, but this is leverage. Since my position size wasn't large and the cost basis was low, I held on while Hynix rose, and continued to hold even when it fell. The turning point came in May when South Korea also launched a leveraged ETF, and subsequent events were widely observed. The March US-Iran conflict meant that from April to June, even if you just bought any tech-related stock and held it, you would make money. Hynix is also called the 'Golden Age' by Koreans, with its market cap surpassing Samsung at its peak. Yes, we are indeed entering the era of silicon-based technology. At that time, I laid out positions across the entire industry chain, buying everything. I made money, added to related targets, and my capital slowly grew like rising water. I continued to use margin financing to add to related positions. Having turned 12 times on the Hynix ETF, I considered this merely a pullback, so in July, I didn't pay much attention. The situation is that the positions added in May and June are still making you lose money today. If you don't judge your position size correctly when adding at the top, you can never break even, unless you have plenty of ammo to add almost infinitely.

Another topic: Xiaomi has been falling. Now that Hynix has risen, Xiaomi suddenly crashed hard. Also, Apple, which is favored by capital for its stability, acts as a contra-indicator (blue-chip indicator) to Hynix. Capital markets are the playground of manipulators. For ordinary people, making money in the stock market depends on direction and luck. Direction is your own judgment; luck is the market's choice. In a bull market, there are many 'gods'. When even influencers can't predict the market, stock prices are reverting to the mean. When even the bulls are panicking, gold may be everywhere. Stock prices are controlled by the market. Trump can draw lines, Jensen Huang can draw lines, Wall Street can draw lines, but you cannot.

No options, only long shares or ETFs. The returns this year serve as a warning to everyone: either believe early, or don't believe at all. And those short sellers, maybe you also 看好 this stock, but you just experienced FOMO, or the price was too high, so you waited for an opportunity to short, and then shorted after it dropped. Those chasing highs and those shorting essentially share the same psychology: seeking short-term gains and profits. This market might reward those who seek profits with profits, but this habit won't change. Don't wait for others to tell you before you believe.

Reverence for the market is the first lesson.

Leverage is an accelerator of value destruction.