The Greatest Harm of Information Asymmetry

Wasting too many limited resources on non-essential projects can render all your efforts meaningless; a wrong decision sends you right back to square one. Until the right moment arises, every strategy is simply defensive.

During the early stages of wealth accumulation, like building a snowball, every single snowflake is critical.

How did Tong Guowei teach the young emperor?

When any prince comes to see you, receive him—neither rejecting nor committing—just wait. Keep waiting until Emperor Kangxi summons you, and then throw all your chips on the table.

This is what they mean when they say: apprentices know when to buy, masters know when to sell, and grandmasters know when to wait.

You might see the times moving forward, but people's minds never truly elevate. There's no essential difference between someone holding a smartphone and someone wielding a hoe.

Don't see someone carrying an LV bag and think that maxing out your credit card to buy one will instantly grant you the same social status, opportunities, and resources.

People must do work they're familiar with, skilled at, and that builds on their accumulated resources. Only those with absolutely no resources venture out into the unknown; those with some assets are already placed in positions.

Those without resources travel thousands of miles to seek their fortune.