In the AI era, as information becomes increasingly transparent, participants in the market can now be assumed to be AI agents. Based on my personal observations: 1. Today, most scenarios in the investment market will become negative-EV arenas, where fundamental analysis or news arbitrage windows will shrink to millisecond-level durations. 2. The speed at which consensus forms is thousands of times faster than the traditional value investing framework, with prices instantly reflecting all publicly available information. 3. It’s crucial to focus on conditional expectations— that is, enhancing your edge in every opportunity. In simpler terms: I only participate in positive-EV situations where I have a distinct advantage— my own unique, non-standard edge and specialized insight. I rarely rely on anyone else’s strategies, reducing my betting frequency and raising my entry standards. The era of intense competition has already passed— precisely because it became too extreme. Welcome to the new era, which begins in 2026.