The Postmortem Went Viral

At first it was just a dozen people. Then hundreds. Then thousands. Some people posted their position structure. Others asked, “Can I touch this level?” Pei Yanzhou’s answers stayed consistent: look at drawdown first, then sizing, then direction. He stopped answering “Will it go up?” and started asking, “Can you survive a 15% drop before a 20% rebound?” At first people found him too slow, not loud enough. But over time, they realized that this was actually useful. The chat began to feel different. People used to post profits. Now they posted plans and exit conditions. People used to say “all-in is faith.” Now more of them added, “First calculate the worst case.