I recently came across an investment case that instantly changed my understanding of the market.

In 2011, when Apple was facing market skepticism—people generally believed that Apple had lost its soul and was just a "pile of electronic products without innovation." While everyone was selling, he instead heavily bought in. Today, 14 years later, his single account has achieved a profit of $33.92 million with an annualized return of 24.5%. What’s even more impressive is that this is just his best-performing one of 50 accounts.

This data is highly significant in the crypto space. How big is the gap between the various "short-term get-rich-quick" stories we see every day and this kind of stable long-term return? Many people probably have no concept.

There are three key points in his operational logic that are especially worth learning from.

**First is the "moat thinking" in asset selection.** Apple’s ecological barriers back then were unique. In crypto assets, this means looking for projects with genuine technological accumulation and real-world application scenarios. Not chasing projects with flashy names and whitepapers full of promises, but assessing whether the public chain infrastructure is solid, whether it addresses real industry pain points, and where the project’s irreplaceability lies.

**Second is immunity to "noise" from volatility.** When Apple’s stock price dropped 30% in 2018, he didn’t move. When it fell another 20% during the pandemic panic in 2020, he still didn’t move. What’s the core behind this? Confidence in his own understanding—once the long-term value of an asset is confirmed, short-term fluctuations lose their meaning. In the crypto market, few can do this.

**Third is risk management in conjunction with time.** Long-term holding does not mean passively getting caught. True long-term investors consider investment cycles, expected returns, and worst-case scenarios when allocating. His approach with 50 accounts is essentially using diversification to manage systemic risk.

What the crypto space lacks is this kind of investment philosophy—too many are shackled by daily charts, turning investing into gambling. In the long run, differences in vision and cognition often determine the ultimate profit ceiling.