He successfully hit the nodes of every declining thing.

The real estate market was struggling, so he got into real estate. In 2013, he invested 3.5 billion yuan to create the Yunnan Lijiang Snow Mountain Town tourism real estate project, which fell into difficulties and ultimately had to sell 51% of his shares at a low price of 190 million yuan.

With the rise of e-commerce impacting physical stores and traditional retail declining, he opened a physical store instead.

Around the year 2000, he founded a dating platform called "Xi Yan", but soon fell into operational difficulties.

In the highly competitive liquor market, niche brands struggled to survive, so he launched "Linghu Chong" liquor. After spending over 100 million yuan on research and development, it faced consumer boycotts due to cheap packaging and inflated pricing, resulting in poor sales.

As the live streaming industry was reshuffled and traffic became severely fragmented, making it hard for newcomers to gain attention, he started live streaming to sell tea. However, during the live stream, no one showed interest, and there was even a low-level error where a product priced at 3999 yuan was mistakenly labeled as 1999 yuan.

In the electric vehicle market, leading companies monopolized the market, making it difficult for new brands to break through. He invested 800 million yuan to enter the electric motorcycle field and consequently fell into difficulties as well.

Where did the problems lie?

1. Always entering an industry at the tail end, lacking understanding of the industry, simply driven by trends, which is chasing the hype in investment;

2. The result of chasing the hype is a sell-off, inevitably having to accept losses and exit;

3. Lack of focus, constantly changing direction, doing this today, and that tomorrow.

He made almost every mistake in trading.