Investment Strategy - Early-stage businesses with initially poor gross margins should not be immediately dismissed, as exemplified by LLM providers [1] - Price is not a primary factor in early-stage investment decisions [1] - The company has invested $115 billion (115亿) over 30 years [2] - The company's investments have yielded returns close to $30 billion (30亿), with over $20 billion (20亿) still held in holdings [2] - The investment portfolio is concentrated in approximately 8-9 companies [2] - The company has invested in roughly 300-400 companies over the years [2]

Market Sentiment & Investor Concerns - Early-stage investing requires capital lock-up, which many are unwilling to accept [1] - Chronic flippers are dissatisfied with vesting and lockups on capital formation launchpads [1] - The industry questions the nature of capital formation launchpads, distinguishing them from simple shitcoin launchers [1] Project Evaluation & Risk Assessment - A $400 million valuation with 0 unlocks for 12 months raises concerns [2] - Comprehensive due diligence is necessary, including reviewing the unlock schedule, market maker contract, and actual float [2] - Gathering information on Seed/Series A/Series B funding rounds is crucial for informed decision-making [2] - Vesting schedules on unfamiliar projects are less desirable in a bull market [2] Regulatory Landscape - Regulatory oversight may prevent participation in certain offerings [2]