A change has occurred in the global corporate and capital markets: in the past, many small businesses grew into large enterprises, such as Google, Meta, Tencent, Alibaba, and others. Even if you buy these companies a few years after they go public, you can still achieve returns of 10x, dozens of times, or even hundreds of times. We are now in the era of large enterprises, the era of the strong getting stronger. The opportunities for small to large growth are very limited, for example, AI is now entirely a giant's game, similar to the stock market and crypto markets in the past where opportunities of dozens or hundreds of times existed.

We are now in the era of large enterprises, the era of the strong getting stronger. The opportunities for small to large growth are very limited, for example, AI is now entirely a giant's game.

Even for unlisted companies like OpenAI, SpaceX, which, upon going public, have a market value exceeding one trillion yuan, the previous process of gradually growing from an IPO to a trillion-yuan valuation is no longer present. Investors find it difficult to achieve excess returns.

The kind of dozens or hundreds of times returns in the stock and crypto markets is now very rare, and this is not a good era for ordinary investors.