Year-end summary of the earnings situation shows that many people have delivered impressive results. To be honest, I both admire and feel a bit envious.

But upon reflection, our biggest gain in 2025 is not the profit figures, but learning to have self-awareness—rejecting the illusion that "anything can be played," and focusing our energy on what we truly understand and are confident about. Contentment brings happiness, and in turn, a more grounded life.

Let me give a few examples.

For instance, whether to follow the trend of the US and Japanese stock markets—this was something we debated. The data is there—by December 29, the Nasdaq rose 22.18%, and the Nikkei 225 increased 26.65%. Sounds tempting, right?

But on second thought, our understanding of these markets and the speed of information acquisition are far behind professional institutions. From the beginning of the year to now, these two markets have been rising, which actually makes us more worried about the risk of subsequent corrections. In contrast, after experiencing obvious volatility, the domestic market now is full of opportunities, and the value is clear.

So in the end, we decided to stick to the most basic common sense: since overseas opportunities are not so immediately attractive, just don’t participate, and save your bullets for the places you truly understand.

A similar approach is reflected in our understanding of cyclical assets. We only started to systematically pay attention to this mid-year, gradually increasing our allocation...