Group 1 - The core investment strategy in A-shares is often described as "painting a pie" rather than traditional methods like snowballing or industry rotation [1][6] - The success of the "salesman" in the movie "The Big Short" illustrates the importance of confidence and engaging with clients to validate investment opportunities [2][3] - The concept of "painting a pie" suggests that the driving force behind stock price increases can be both the intrinsic value of a company and the willingness of more people to buy [7][9] Group 2 - The article discusses the difference between being the first to identify an investment opportunity and "cheating" by presenting a common opportunity as rare [19][21] - It emphasizes that the key to successful investing is to buy at a reasonable price, aligning with the early-stage investment opportunities [26][28] - The notion of "painting a pie" can apply to both early identification of opportunities and the act of repackaging common opportunities as unique, with the main distinction being the purchase price [25][27] Group 3 - The article highlights that most investors do not have the chance to be the first and often rely on others' narratives, which can lead to buying inflated opportunities [29][30] - It warns against the pitfalls of investing in opportunities that have already been fully priced in, suggesting that waiting for validation through price increases can lead to poor investment decisions [30][31] - The importance of having one's own investment thesis rather than relying solely on others' ideas is emphasized, advocating for personal conviction in investment choices [31]