Don't fight against the super narrative; reflect on the recent significant losses from holding Figma, Unity, TME, and Xiaomi.

Anti-fragility:

1. Holding cash is the best defense.

2. Buying options is better than selling options; the value of timing outweighs the premium. In contrast, hesai selling puts is relatively passive.

Dare to "chase highs" on super cyclical stocks.

The Korean index and storage leveraged products provide timely positive feedback, and current holding confidence is high.