Core Viewpoint - The discussion at the "AI Creator Carnival" highlighted the importance of long-term investment horizons in startups, emphasizing that early investors typically do not exit within 12-20 months, contrary to media interpretations [1] Investment Perspective - Early investors, such as those in companies like Xiaohongshu and Didi, often maintain their investments for 10-12 years, indicating a preference for long-term growth and returns [1] - The expectation for startups is to see a return on marketing investments within 3-6 months, with a focus on cash flow rather than relying solely on venture capital funding [1] Market Dynamics - The ability of a startup to generate cash flow quickly is crucial; if a company cannot return cash within 3-6 months, it may face unsustainable growth costs [1] - The example of NVIDIA's CEO Jensen Huang in 2014 illustrates the potential for significant investment opportunities when established leaders in the industry seek funding [1]