Why do veteran investors avoid tech, while new investors rush in headfirst? This phenomenon is fascinating. To put it bluntly, it’s not that veteran investors don’t understand tech—they’ve seen this same play performed four times already, and they’re just done with it. I didn’t get it at first, but when I looked back at history, I realized I’d been brutally squeezed three times already—and now we’re on the fourth round. The first time was in 2007. Back then, everyone talked about the “Five Golden Flowers.” PetroChina listed at 48 yuan. My dad kept hearing people rave, “Buy PetroChina—it’s for your descendants!” So he bought a huge chunk, saying he was saving it for my future wedding fund. What happened? It plunged all the way to just over 4 yuan. Now, the grass on its grave is three meters tall. Even today, whenever he brings it up, he goes out to the balcony to smoke—90% of his money vanished, leaving only loneliness. The second time was in 2015, during the “Internet Plus” frenzy. I’d just started working, and Anshuo Information soared from over 400 yuan. Everyone claimed the internet would disrupt everything—even pig farmers said they were using “internet big data” to raise pigs. What happened? It crashed to just 20 yuan. Countless people lost everything—even their underwear. The third time was in 2021. Everyone shouted about “core assets” and “eternal scarcity of leaders.” Kweichow Moutai hit 2,600 yuan—then got halved, then halved again. Many new energy and consumer stocks are still stuck in the deep ditch today. Now, in 2026, we’re seeing the AI revolution—the fourth round. The stars have changed to Cambricon and Zhongji Chuang, but the story’s plot hasn’t changed a single punctuation mark. Veteran investors hear the opening line and already know how it ends—they’ve been cut three times already; they can recognize the rust on the knife.