Another Definition of Investment

It's about what form you want your cash to take when you pass it down to the next generation. Pay attention — this is about **transfer**, not **your own spending**.

You need to clearly recognize that there's money in your life you'll never use. From this angle, investing is fundamentally about **asset allocation**.

What exactly is asset allocation configuring? It's configuring **belief**. You're essentially configuring the beliefs of the majority, or more precisely, trying to configure their **future** beliefs. If enough people believe in it, it has value; if nobody believes in it, it has no value.

What is Moutai worth? It depends on whether you believe it has value. If you don't believe so, it's just water. But if everyone takes pride in drinking it, then it has value. If nobody takes pride in drinking it, then regardless of how scarce its production is, it has no value.