Information--Logic--Structure--Mindset = Result. 1) Having information without logic will not yield results. 2) Having information and logic but lacking structure can lead to correct logic but wrong outcomes. Example: The value of counterfeit goods is zero; the logic is correct, but if you short based on this logic, you might lose everything. The reason lies in structure—long-term decline is a slow variable, but there can be sharp rallies that wipe out your position, or funding rates can gradually bleed you out. This is a typical case of correct logic but uncertain results. The meaning of structure here is broad: it includes trend, price, and external environmental frameworks. For example, the 2024 meme can reach a cap of 1 billion, and hundreds of millions are not uncommon. The 2026 meme with 100 million is already an absolute top-tier, which also reflects structure in terms of timing. 3) If there is no logic, or if there is logic but lacking structural advantages, it will severely impact mindset. After buying, when prices rise, it’s okay; continuous rises can lead to greed. During declines, fear and foolishness set in. Where is the foolishness? Holding onto dead positions or adding to positions as prices fall, ultimately leading to unbalanced holdings and failed risk management. Investing is not just about information or logic; often, logic is based on basic common sense. The real challenge is having a good structure and a good mindset. This requires patience and experience. And these qualities—experience and patience—cannot be learned overnight. Therefore, those who achieve good results tend to gradually lower their expectations, and ultimately, such individuals are rare.