撰 文｜ 朱 青 翊 编 辑｜ 许 嘉 婧 封 面 来 源｜ IC P H O T O 一 场 权 衡 取 舍 。 必须上岸 "读了那么久的书现在也找不到工作。你干脆把目标放低一点，再考一次。"第二次考研失败后，KK的父亲劝他。 本科就读于北方工业大学的KK，即将开始第三次考研了。2022年底首战失败，他没能如愿上岸华北电力大学（保定），第二 次目标降级成考卷难度更小的华北电力大学（北京），却再次落选。他彻底崩溃了，研考失败，3月春招又是"0 offer"，"感觉 自己一事无成。" 看起来，"三战"是他的唯一出路。他必须继续把眼光放低，保证考上。目标调整为一所东北的双非院校，那里的分数线比华北 电力大学低了整整70分。 在父亲同事的推荐下，他报名了一所寄宿制考研自习室，全力备战。考研自习室里多的是和KK一样二战、甚至三四五战的考 生， 他们的一致选择是—— 降级、保守择校，像KK这样，考研目标院校比本科等级还低的也是不在少数。 这种趋势早在几年前就逐渐成形。教育部数据显示，全国考研报考人数从2017年开始就快速增长，此后5年每年增长率都超过 10%。热门专业和学校分数线水涨船高，等到2019年，经济管理、哲学 ...

Core Insights - Sam's Club in China has achieved sales exceeding 100 billion, accounting for nearly two-thirds of Walmart China's total net sales [1] - In contrast, local supermarket companies are facing significant declines, with a 13.2% drop in total revenue and a 48.12% plunge in net profit in the first half of 2025 [3] Group 1: Sam's Club Performance - Sam's Club has set a record for the fastest store openings in its 29 years in China, with six new stores opened in the first half of 2025 and a total of 11 planned for the year, bringing the total to nearly 60 stores [5] - The membership fee model, with annual fees of 260 yuan for regular and 680 yuan for premium, initially seemed counterintuitive in a market where entry is typically free [7][9] - The changing economic landscape, with per capita GDP surpassing 8,000 USD and especially 10,000 USD, has shifted consumer behavior away from solely seeking low prices [7] Group 2: Consumer Psychology and Trust - The membership fee acts as a filter, attracting consumers who value quality, efficiency, and trust over mere affordability [9][11] - The concept of "sunk cost" enhances customer retention, as consumers feel compelled to purchase more once they have paid for the membership [11] - Sam's Club offers a unique value proposition by providing certainty in product quality, alleviating consumer concerns about counterfeit goods and ingredient transparency [14][16] Group 3: Product Selection and Experience - Sam's Club simplifies the shopping experience by offering around 4,000 carefully selected products, significantly fewer than traditional supermarkets [19][21] - A professional buying team leverages global supply chains and consumer data to curate high-quality options, reducing decision fatigue for consumers [21][23] - The self-owned brand, Member's Mark, contributes nearly 40% of sales and embodies the commitment to quality and traceability [25] Group 4: Competitive Strategy and Market Position - Sam's Club has established a "trust moat" through stringent quality control, differentiating itself from local competitors who engage in price wars [27] - The company has adapted to online sales, with over 50% of sales now occurring online, supported by a network of over 500 fulfillment centers [29][30] - The appointment of former Alibaba executive Liu Peng as president of Sam's China indicates a strategic focus on digital operations and online growth [31] Group 5: Industry Implications - Sam's Club's success highlights the failures of local retailers who have not built consumer trust and have been caught in a cycle of internal competition [37] - The contrasting success of Sam's Club and local retailers underscores the importance of genuine consumer engagement and quality control in retail [35]

杨婷 以上所有成本，都是"选择"带来的必然结果。作家放弃稳定的收入、自由的时间、丰富的社交甚至身体 健康，最终兑换成了精神创造的独家性——用文字治愈自己、记录时代、表达思想、构建跨越时空的共 鸣，这种价值无法用金钱予以衡量。此外，丰饶内心世界的灵魂自洽、腹有诗书气自华的精神风貌，也 是妥妥的正收益。 正视各种成本，能让选择更清醒：它提醒每个想成为作家的人，这条道路不仅需要热爱，更需要对"放 弃"的坦然，对"不确定性"的耐受，以及对"隐性代价"的清醒认知。毕竟，真正的作家，明知代价，仍 愿为文字燃烧。 本版专栏文章仅代表作者个人观点 时间的不可逆分配，是作家最核心的机会成本。写作需要无干扰的深度投入，这种时间一旦投入，便无 法再用于其他领域。一位每天写作4小时的创作者，若将这些时间用于学习编程，可能3年内成长为初级 开发工程师；若用于经营自媒体，或许能积累10万粉丝的私域流量；若用于陪伴家人，能参与孩子成长 的每一个关键节点。此外，作家的时间投入，还存在"沉没成本"的风险：花6个月写的小说，可能被编 辑退稿；花3个月打磨的散文，可能投稿无门，无人问津。这些无法产生直接价值的时间，若用于学习 其他技能或拓展人脉， ...

Core Viewpoint - The article discusses Elon Musk's approach to business, emphasizing that his motivation is not merely financial but rather about creating a binding relationship with companies, ensuring they align with his vision and goals [9][10][12]. Group 1: Musk's Strategy - Musk is not driven by the need for money but seeks a relationship where companies are committed to his vision, creating a scenario where they have no choice but to follow his lead [9][10]. - The concept of "sunk cost" is crucial; by making significant investments in companies, Musk ensures they are bound to support his direction, as they have already committed resources [11][12]. - This strategy mirrors historical examples, such as the relationship between Qin Shi Huang and his general Wang Jian, where maximum resource commitment was necessary to ensure loyalty and support [16][17]. Group 2: Challenges in Execution - The real challenge in business is not the projects themselves but getting cooperation from colleagues and departments, as everyone has their own priorities [22][23]. - Successful individuals in the workplace often excel at resource coordination and securing executive support, creating a situation where substantial investments lead to a commitment to a specific direction [23][24]. - Musk's ability to create a significant sunk cost ensures that companies must align with his vision, or they risk losing their investment [25][26].

Core Viewpoint - The article discusses Elon Musk's approach to business, emphasizing that his focus is not on money but on creating a binding relationship with companies, ensuring they are committed to his vision through significant sunk costs [5][6]. Group 1: Musk's Business Strategy - Musk's strategy involves creating a situation where companies have substantial sunk costs tied to him, ensuring they must follow his direction [5][6]. - The concept of "sunk cost" is highlighted as a means to secure unwavering support from companies, making it difficult for them to deviate from his plans [6]. - The article draws a parallel between Musk's approach and historical figures like Qin Shi Huang, illustrating the importance of total commitment and resource allocation to achieve ambitious goals [6]. Group 2: Challenges in Execution - The article points out that the real challenge in executing projects is not the projects themselves but getting cooperation from colleagues and departments [6]. - It emphasizes that successful individuals in the workplace are those who can coordinate resources and gain support from leadership, often by establishing significant sunk costs [6]. - Musk's willingness to invest heavily in his ventures is portrayed as a way to ensure that companies remain aligned with his vision, reinforcing the idea that collaboration is essential for success [6].

Core Insights - The article discusses the psychological struggles faced by retail investors in the stock market, emphasizing that the emotional toll of missed opportunities and self-doubt can be more painful than actual financial losses [1][3][4]. Group 1: Psychological Impact of Trading - Investors often experience intense regret and self-blame when they miss out on profitable trades, leading to feelings of inadequacy and frustration [3][4]. - The concept of "opportunity cost" is highlighted, where the pain of not capitalizing on potential gains is felt more acutely than the pain of actual losses [4][7]. - Social media and peer comparisons exacerbate feelings of isolation and failure among investors, as they witness others profiting while they struggle [4][5][8]. Group 2: Behavioral Economics and Decision-Making - The article references behavioral economics, particularly "prospect theory," which states that individuals are more sensitive to losses than to equivalent gains, making them more likely to hold onto losing positions [4][5]. - Investors often fall into the trap of "sunk cost fallacy," where they continue to invest in losing stocks in hopes of recovering past losses, rather than cutting their losses [5][12]. - The narrative of a retail investor who lost significant capital due to emotional decision-making illustrates the dangers of ignoring rational investment strategies [5][11]. Group 3: Strategies for Better Trading - The article suggests setting stop-loss orders to mitigate emotional decision-making and prevent further losses [12][13]. - It emphasizes the importance of maintaining a diversified investment approach and not relying solely on stock trading for income, which can lead to heightened stress and poor decision-making [11][14]. - The final takeaway is that successful investing requires discipline and emotional control, rather than succumbing to greed and fear [15][16].

Core Insights - The article emphasizes the importance of timely decision-making in both investments and personal life, advocating for the principles of taking profits and cutting losses [3][18][22] Group 1: Investment Principles - The concept of "taking profits" is highlighted as a strategy to avoid greed and unnecessary losses [3] - "Cutting losses" is presented as a necessary action when recognizing a wrong direction or investment, encouraging individuals to stop further losses [3][22] - The article draws parallels between investment strategies and life choices, suggesting that both require a clear understanding of when to stop [18][22] Group 2: Personal Relationships - The narrative includes examples of individuals who have stayed in unfulfilling relationships due to emotional attachment and fear of loss, illustrating the need for timely exits [6][10][18] - A specific case of a woman enduring a toxic marriage is discussed, emphasizing the importance of recognizing when to leave for personal well-being [10][16] - The article suggests that many people are trapped by "sunk costs," which prevent them from making rational decisions about their relationships [16][18] Group 3: Business Decisions - A cautionary tale about a man who invested in a franchise without proper research is shared, highlighting the consequences of ignoring warning signs and failing to cut losses [20][21] - The narrative stresses that many individuals continue to invest in failing ventures due to emotional attachment to their initial investments, leading to greater losses [21][22] - The article concludes that recognizing when to stop is crucial for preserving resources and enabling future opportunities [22][23]

Group 1 - The core idea emphasizes the importance of focus and the ability to concentrate amidst chaos and pressure, distinguishing true experts from ordinary individuals [4][7][28] - True focus involves the ability to detach from previous challenges and fully engage in the present task, akin to a switch being turned off [9][11][12] - The concept of "discrete" focus is introduced, where time is segmented into independent events, allowing for maximum effort on each task [14][15] Group 2 - The article discusses the duality of discrete and continuous aspects in life, where discrete actions contribute to a larger continuous narrative [29][30][36] - It highlights the necessity of being both a "discrete killer" and a "continuous expert," ensuring that each moment of focus aligns with long-term goals [41][42][44] - The narrative also touches on the importance of being able to redefine one's continuous path through decisive actions, illustrating this with the example of Warren Buffett's investment strategy [46][50][57]

Core Insights - The article emphasizes the importance of genuine learning over superficial knowledge acquisition, highlighting that true growth begins with confronting one's ignorance [2][6][12] - It discusses the psychological challenges associated with learning, particularly the discomfort of feeling inadequate when faced with new concepts [9][10][12] - The piece outlines effective strategies and tools for meaningful learning, including the importance of mindset, material selection, and self-assessment [10][22][29] Mindset - Distinguishing between "real learning" and "pretending to learn" is crucial, as many individuals focus on acquiring superficial knowledge to enhance their social status [4][6] - The article stresses the need for resilience when confronting feelings of ignorance, suggesting that accepting one's limitations is a vital part of the learning process [5][12] - It highlights the psychological difficulty of maintaining a genuine learning mindset due to societal pressures to appear knowledgeable [9][10] Tools - The article recommends using spaced repetition as a powerful learning tool, supported by substantial data [22] - It emphasizes the importance of selecting learning materials that genuinely contribute to understanding rather than those that merely provide a sense of accomplishment [10][26] - Establishing a self-assessment system, such as taking notes and engaging in writing, is suggested as a method to evaluate one's learning progress [32][35]

Core Insights - The article emphasizes that sunk costs should not influence major decision-making, highlighting the importance of maintaining flexibility in choices [1] - It suggests that the market is often filled with noise rather than clear signals, indicating that missing out on certain market movements should not be viewed as a loss [1] - The focus is on the idea that trading is a means to an end, with the ultimate goal being profit, and any deviation from this purpose is deemed unproductive [1] Summary by Categories Decision-Making - Sunk costs should not play a role in significant decisions, allowing for the possibility of choosing not to act even when conditions seem favorable [1] Market Behavior - The market is characterized by more noise than signal, and missing out on certain opportunities does not equate to a financial loss [1] - It is noted that not participating in every market movement is acceptable and does not represent a waste of time [1] Trading Philosophy - Gold is presented as a trading asset, while trading itself is viewed as a tool, all serving the primary objective of making money [1] - Any engagement in trading that strays from the goal of profitability is criticized as unwise [1]