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If you just want to earn an annualized return of 12%-18% over the long term, one book is enough: "The Essentials of Investing." I've read it several times; it contains principles and case studies, is concise and clear, and easy to understand. You can read it for free on WeChat Reading, saving even the trouble of downloading it. Without exaggeration, my wife has accumulated profits of 1 million yuan so far, and half of the credit goes to this book. If there are no special circumstances, in three to five years, her cumulative profits will exceed 4 million yuan. Not many people know about this book, but whenever someone asks, I always recommend it. Everyone who has read it invariably comes back to thank me. Below, I'll share the key points with you: The main theme of the book can be summarized in sixteen words: "Undervaluation and diversification, stock-bond balance; structured system, rich tools." 01. System "The three levels of an investment system are as follows: First level: Identifying systemic opportunities and systemic risks. Second level: Asset allocation and dynamic rebalancing. Third level: Using investment tools. In the three levels of the investment system, the more fundamental the level, the simpler it is, and the more important it becomes. The first level determines whether we can make money; the second level determines whether we can make money safely and sustainably; the third level determines how much money we can make." The first level involves identifying systemic opportunities and risks, mainly by assessing valuation levels to determine whether the current investment offers returns greater than risks or vice versa. The second level, asset allocation and dynamic rebalancing, aims to diversify risks and reduce the probability of losing everything at once. The third level involves using different investment tools to make money, such as stocks, funds, bonds, or convertible bonds. 02. Undervaluation To determine whether a stock is undervalued, the author primarily uses the price-to-book ratio (PB) and price-to-earnings ratio (PE). "Valuation can be assessed using two very simple indicators—PE and PB. 1. Price-to-Earnings Ratio (PE) Formula: Stock price per share ÷ Earnings per share, or Total market capitalization ÷ Annual net profit of the company. 2. Price-to-Book Ratio (PB) Formula: Stock price per share ÷ Net asset value per share, or Total market capitalization ÷ Current net assets of the company." The author provides a simple benchmark: PE below 10 is undervalued, above 20 is overvalued; PB below 1 is undervalued, above 2 is overvalued. In my opinion, using PE and PB to assess valuation is valid, but the benchmarks provided are not universally applicable. Different industries have different thresholds for what constitutes overvaluation or undervaluation. However, the author's interpretation of PE and PB is quite insightful: "Shareholders of any company have only two feasible ways to obtain returns: operations and liquidation. For investors, the same company can be evaluated from two perspectives: 'operational value' and 'liquidation value.' Focusing on how much the business earns annually reflects the PE mindset; focusing on how much can be recovered by selling the business reflects the PB mindset." Before buying stocks, it’s worth paying attention to PE, PB, and even dividend yield. Buying at a lower price increases the margin of safety and enhances resistance to market downturns. To win in investing, you need to "lose less in bear markets and keep up with gains in bull markets." Buying undervalued stocks helps achieve less loss in bear markets. 03. Diversification "Stocks carry risks; investments require caution." You've probably heard this phrase before, but where exactly are the risks in stocks? The risks lie in the significant volatility of individual stocks, poor management that may lead to delisting, or in markets like China's A-shares, where industry styles rotate significantly, making single-stock investments highly risky. How to address this? Asset allocation and diversification. No single industry should exceed 20% of total investment assets, and no single stock should exceed 5%. Properly allocate bonds and other assets to diversify investments, and periodically rebalance to passively achieve buying low and selling high. Asset allocation can reduce volatility and the risks associated with individual stock delisting. Buying broad-based index funds is also a form of diversification, as these funds invest in various stocks. 04. Investment Tools The author introduces investment tools such as stocks, index funds, bond funds, and convertible bonds in the book. For stocks, invest in companies you believe in, but still ensure no single stock exceeds 5% of total investment funds and no single industry exceeds 20%. Index funds are suitable for diversification, not only within China's A-shares but also through QDII to invest in overseas index funds, achieving market diversification. Bond funds have relatively low volatility. Allocating appropriate bond funds can balance portfolio fluctuations, and periodic rebalancing can achieve buying low and selling high, potentially reducing volatility while delivering similar or even higher returns. Convertible bonds have both debt and equity attributes, offering "downside protection and unlimited upside." This is their biggest advantage. However, since companies may default on debt, the downside protection may not always materialize. Overall, this book is excellent for investment beginners. "Undervaluation" and "diversification" ensure that one remains invincible in investing. The rest involves understanding the attributes of different investment tools and choosing what suits you best. Let’s encourage each other!

1/ As documented in @lemonapp_ar's State of the Crypto Industry 2024, Latin America has emerged as one of the world’s most dynamic regions for crypto adoption, ranking as the second fastest growing in terms of cryptocurrency value received - up more than 42% YoY, reaching over $415 billion and representing 9.1% of global volumes in 2024. This surge is further reflected in the Global Crypto Adoption Index, where four Latin American countries (Argentina, Brazil, Mexico and Venezuela) rank among the top 20. Driving this momentum are both major global platforms like Binance, with 54% market share, and regional companies, including OpenTrade’s clients, such as @littioco, @belo_app, and @buenbit. Stablecoins are central to this trend as users seek out stability in volatile economies. Over 75% of assets in the Lemon Earn product are held in stables like USDT, USDC and DAI, showing a real demand for stablecoin yield opportunities. That, combined with the recent drop of DeFi yields to sub-US Treasury rates, reinforces the strength of the use case for RWA-backed yield products in this region - such as those offered by OpenTrade.