Today, I finally had some free time and reread Peter Thiel's investment insights. To be honest, it was a reread of old material; I read his books 12 years ago. He talks about secrets, or a kind of informational advantage, about monopolies and competition, about the power law of venture capital, and so on. Perhaps his ideas did help me somewhat capitalize on BTC and ETH. But why didn't I feel as excited reading it today as I did 12 years ago? Every great investor leaves behind a wealth of investment reflections. From Graham, Buffett, Soros, Simons, and of course, Peter Thiel. What kind of investment insights can withstand the long-term test of the market and remain relevant? Most of these are basic logics: For example, monopolies can create profits; For example, Munger's margin of safety; For example, Buffett's value investing; For example, Simons's short-term market failure. My feeling today is that these predecessors' insights can generally help you avoid pitfalls. These pitfalls, if not learned from the wisdom of those who came before, would likely be inescapable for most people. However, today's investors face challenges in a different context than in the past. Their own experience, mindset, cognition, and even intuition are the core factors driving investment results. However, according to the law of large numbers, the mainstream thinking of today's investors is mediocre. The brilliant parts, for most people, can only be seen in hindsight.