Source: Brokerage China Author: Qu Hongyan Recently, China Yangtze Power hit a historical high and once again showed the slow bull stock trend of "tripling in ten years". The slow bull market has left behind many passers-by and brought good returns to the steadfast investors. It is "rare for those who triple in one year to be like carp jumping over the dragon gate, while those who double in three years are few and far between." On the other end of the investment world, however, violent collapses are also deafening, with many financial products suspected of "Ponzi schemes" ceasing payments, leaving investors with no hope of recovering their investments. Both positive and negative cases illustrate the importance of forming a suitable mentality towards money in one's lifetime; otherwise, sooner or later, you will divorce yourself from your money. "I call this the money mind, a person's IQ can reach 120, 140, or even higher levels, and perhaps some people's minds are good at doing one thing, while others are good at doing another. They can do things that most ordinary people can't do. But I know some very smart people who make very foolish decisions because they lack the money mind." Buffett once said so. The so-called money mind refers to believing in common sense, believing in compound interest, being cautious and rational, thinking independently, prioritizing security over return, not dealing with people with questionable character, not easily guaranteeing for others, not believing in windfall profits, and not trying to cross legal norms for extra benefits. In today's world of ubiquitous information, everyone's wealth may become the "prey" of those with ulterior motives. Only with the money mind, can one form good behavior habits and shield oneself from separating from one's wealth. Do not entrust your wealth easily. Wealth is easy to lose but hard to accumulate, and trust is a vital reason leading to the rapid loss of wealth. "Do not allow anyone else to manage your business unless you can watch their every move closely and understand their behavior; or you have strong reasons to believe in their character and ability. For investors, this criterion determines when you can let someone else make investment decisions for you." Graham's criterion written eighty years ago is so clear. Almost all the investors who lost their wealth in the financial products have violated the above two criteria. They did not have the ability to closely supervise the whereabouts of their funds, nor did they have sufficient reasons to believe in the character of the product issuers. They easily invested their own wealth solely based on others' glib tongue and a piece of commitment paper. They did not act as gatekeepers of their own wealth and ended up with nothing left even if the government punished the wrongdoers. "An ounce of prevention is worth a pound of cure." This is a phrase Munger often says. Destiny must be in one's own hands, and investors with a suitable money mind will try their best to find suspicious points in their investments to protect the safety of their principal. For example, whether the manager is trustworthy, whether the underlying assets are profitable, whether oneself can timely monitor the risks in the investment process, and whether the sales staff is obtaining large commissions. As long as any unreliable signs are found, these investors firmly will not invest their money. Do not desire to get rich quick. As in the capital market and anywhere else, making money is not easy, and desiring to get rich quick will lead to quick loss of wealth. In the capital market, the desire to get rich quickly often leads to investors over-allocating specific stocks, industries, or assets at the worst time. For example, buying high-risk stocks that can gain huge returns once an adventure succeeds, but the chance of success is very small, also known as "whispering stocks" by legendary fund manager Peter Lynch. "They often tell investors a story with explosive effects. These 'whispering stocks' have a hypnotic effect on people, and it is easy for you to believe that the story the company tells has an emotional appeal that can easily confuse you." This is like hearing a very tempting "sizzling" sound, making you salivate, but you did not notice that there is no steak on the grill. In the eyes of investors who lack the money mind, stable yield provided by blue chips such as China Yangtze Power cannot meet their demands. However, historical experience clearly shows that buying stocks lacking in safety solely based on imagined high yields is unwise. The long-term average investment return of general stocks is 9%-10%, which is also the average investment return of stock indexes in history, a benchmark to measure one's investment performance and the benchmark to measure fund investment performance.
Author: Han Chengyu

This mission was supposed to be an important step for the "Launch Vehicle" towards commercial Operation, but shortly after the launch of the rocket's second stage spacecraft, it lost contact with the ground and disintegrated during the ascent burn. Nevertheless, the test flight achieved some success, as the first stage of the rocket's super heavy booster was recovered through the mechanical launching tower arm's "air capture" after completing its flight mission.

The "Launch Vehicle" spacecraft experienced an unplanned disintegration, and Musk spoke out.

The test flight began at 4:37 PM local time on the 16th (6:37 AM Peking time on the 17th). The launch footage showed that the "Launch Vehicle" successfully lifted off from the Starbase launch site at Boca Chica, Texas. As planned, the "Launch Vehicle" was to attempt to reach orbital speed, release 10 simulated satellites, and conduct a series of reentry and recovery experiments. However, less than 8 and a half minutes into the flight, the rocket's second stage spacecraft lost contact with the ground team and subsequently experienced a "rapid unplanned disintegration" during the burn.

SpaceX stated on the Social Media platform X: "The spacecraft experienced a rapid unplanned disintegration during the ascent burn. The team will continue to review today's flight test data to better understand the root cause, and today's flight will help us improve the reliability of the Launch Vehicle."

Tesla CEO and SpaceX founder Elon Musk posted after the incident, stating: "Success is uncertain, but Entertainment is guaranteed." Additionally, he released a photo of parts of the spacecraft disintegrating and falling like meteors, and he later indicated that the improved version of the "Starship" and booster are ready, awaiting future launches.

Meanwhile, the USA Federal Aviation Administration, responsible for issuing launch and re-entry permits, stated that it has noted the "anomalies" that occurred during the test flight of the Starship. The USA Federal Aviation Administration said in a statement: "We are assessing the incident."

Despite the spacecraft going offline and disintegrating, this test flight still achieved partial success: the rocket's first-stage Super Heavy booster was recovered after completing its flight mission through the mechanical launch tower arm's "air capture." This complex engineering technique is considered a key step in SpaceX's pursuit of fully reusable rockets.

Although the "Starship" test flight faced failure, it aligns with SpaceX's engineering philosophy of "Flight - Failure - Improvement." Musk previously stated that each test flight lays the groundwork for future success. Although the disintegration of the spacecraft brought significant technical setbacks, the successful recovery of the booster demonstrates SpaceX's ongoing progress in the field of reusable rockets.

SpaceX technology upgraded again.

According to the SpaceX official website, to address technical challenges, SpaceX has made several upgrades to the "Starship," including redesigning the propulsion system, enhancing the performance of the flight computer, and improving the thermal protection system. Specifically, the rocket's propellant volume was increased by 25%, while the fuel delivery and engine control modules were enhanced. The flight computer added redundancy designs to support complex missions. Furthermore, the number of cameras installed on the rocket increased to over 30, providing the engineering team with real-time data.

It is worth noting that this test flight also aimed to test the "Starship"'s first payload deployment capability. The rocket carried 10 simulated satellites, aiming to verify the technological foundation for launching the next generation of Starlink satellites. However, this experiment could not be completed due to the disintegration of the spacecraft during the mission.

According to the plan released by SpaceX, this year will be a critical turning point for the "Starship" project. The company's goal is to achieve full system reusability of the rocket in the upcoming test flights and to undertake more challenging missions, such as sending cargo and personnel to the Moon and Mars. To improve reliability, SpaceX plans to introduce more design improvements and continuously optimize Hardware performance through multiple test flights.

Editor/Rocky