1
00:00:00,385 --> 00:00:01,494
You are the asset,

2
00:00:01,784 --> 00:00:03,274
the company is just leverage.

3
00:00:03,785 --> 00:00:05,354
I know a young man.

4
00:00:05,625 --> 00:00:06,174
Two years ago,

5
00:00:06,424 --> 00:00:08,023
he graduated from the University of Tokyo

6
00:00:08,025 --> 00:00:09,874
and received a verbal offer for a PhD.

7
00:00:10,025 --> 00:00:11,384
But on the day of enrollment,

8
00:00:11,384 --> 00:00:12,134
he was told

9
00:00:12,425 --> 00:00:13,474
the spot was gone.

10
00:00:13,865 --> 00:00:16,434
At that moment, his reality was this:

11
00:00:16,785 --> 00:00:20,274
Degrees in Civil Engineering and Architecture,

12
00:00:20,425 --> 00:00:21,713
zero experience in other fields,

13
00:00:21,745 --> 00:00:22,373
zero internships,

14
00:00:22,745 --> 00:00:23,914
not a recent graduate,

15
00:00:24,344 --> 00:00:26,114
and only a few thousand yuan left in his wallet.

16
00:00:26,664 --> 00:00:27,653
He made a decision:

17
00:00:28,225 --> 00:00:29,193
go to Shenzhen

18
00:00:29,265 --> 00:00:30,873
and start looking for a job from scratch.

19
00:00:31,144 --> 00:00:33,033
From design institutes to real estate firms,

20
00:00:33,064 --> 00:00:35,073
from e-commerce support to selling insurance,

21
00:00:35,145 --> 00:00:37,793
from IT outsourcing to gambling games,

22
00:00:37,905 --> 00:00:39,914
he sent resumes to everywhere possible

23
00:00:39,945 --> 00:00:41,594
and took every interview he could get.

24
00:00:41,625 --> 00:00:45,353
Finally, after a call with a startup founder,

25
00:00:45,424 --> 00:00:47,194
he did six rounds of interviews in a week,

26
00:00:47,225 --> 00:00:49,874
signed a contract with a penalty clause for underperformance,

27
00:00:50,265 --> 00:00:52,634
and moved to Beijing alone.

28
00:00:53,104 --> 00:00:56,234
The days that followed weren't as smooth as they sound.

29
00:00:56,664 --> 00:00:58,954
He was diagnosed with depression and anxiety.

30
00:00:59,384 --> 00:01:01,314
For over six months,

31
00:01:01,344 --> 00:01:03,033
only two things occupied his mind:

32
00:01:03,265 --> 00:01:04,054
either he was working,

33
00:01:04,424 --> 00:01:06,153
or he wanted to die the moment he stopped.

34
00:01:06,704 --> 00:01:10,313
Every physical pain made him suspect a terminal illness.

35
00:01:10,825 --> 00:01:14,474
Yet, he delivered results that impressed the company.

36
00:01:15,105 --> 00:01:16,774
He hit six-month goals in just three,

37
00:01:17,105 --> 00:01:18,153
doubled his salary,

38
00:01:18,185 --> 00:01:19,634
was transferred to the Tokyo office,

39
00:01:19,704 --> 00:01:21,834
ranked first in performance for his role,

40
00:01:21,864 --> 00:01:24,274
and was promoted in his 18th month.

41
00:01:24,825 --> 00:01:26,903
If I only told the first half,

42
00:01:26,905 --> 00:01:29,233
it's a story of self-rescue.

43
00:01:29,665 --> 00:01:30,983
If I only told the second half,

44
00:01:30,984 --> 00:01:33,194
it sounds like a typical career success story.

45
00:01:33,825 --> 00:01:36,463
But what truly impressed me about this young man

46
00:01:36,465 --> 00:01:37,713
wasn't his achievements,

47
00:01:37,784 --> 00:01:41,513
but three sentences he wrote after his 27th birthday.

48
00:01:41,984 --> 00:01:42,254
Hello,

49
00:01:42,745 --> 00:01:43,213
everyone,

50
00:01:43,545 --> 00:01:44,593
I'm Wang Lijie.

51
00:01:45,064 --> 00:01:46,174
What are those three sentences?

52
00:01:46,745 --> 00:01:47,174
First:

53
00:01:47,545 --> 00:01:48,453
The self is an asset,

54
00:01:48,745 --> 00:01:49,953
the company is leverage.

55
00:01:50,344 --> 00:01:50,813
Second:

56
00:01:51,185 --> 00:01:53,353
Time appreciates incremental assets

57
00:01:53,465 --> 00:01:55,233
and depreciates legacy assets.

58
00:01:55,704 --> 00:01:56,293
Third:

59
00:01:56,665 --> 00:01:57,614
The closer you are to the market,

60
00:01:57,944 --> 00:01:59,194
the closer you are to freedom.

61
00:01:59,944 --> 00:02:01,194
This isn't corporate "chicken soup."

62
00:02:01,385 --> 00:02:04,513
It's a complete personal asset management framework.

63
00:02:04,784 --> 00:02:06,153
And this framework

64
00:02:06,224 --> 00:02:09,144
happens to be what the best entrepreneurs I've seen

65
00:02:09,145 --> 00:02:10,834
are practicing everyday.

66
00:02:11,224 --> 00:02:15,473
I haven't thought about these issues from a junior perspective in ages.

67
00:02:15,625 --> 00:02:19,114
And my views from when I graduated 20 years ago

68
00:02:19,264 --> 00:02:22,114
might not keep up with today's era.

69
00:02:22,264 --> 00:02:24,693
So when I saw him post his inner thoughts

70
00:02:24,784 --> 00:02:27,354
as an article on his WeChat account,

71
00:02:27,465 --> 00:02:29,114
it resonated deeply with me.

72
00:02:29,384 --> 00:02:32,153
I truly agree with his cognitive model.

73
00:02:32,504 --> 00:02:33,294
At his age,

74
00:02:33,625 --> 00:02:34,913
having such insight

75
00:02:34,944 --> 00:02:36,153
is very rare.

76
00:02:36,944 --> 00:02:39,343
Today, I want to break it down for you

77
00:02:39,344 --> 00:02:41,193
sentence by sentence from an investor's perspective.

78
00:02:41,625 --> 00:02:42,713
Let's start with the first one:

79
00:02:43,224 --> 00:02:44,334
The self is an asset,

80
00:02:44,625 --> 00:02:46,074
the company is leverage.

81
00:02:46,425 --> 00:02:47,593
This young man said

82
00:02:47,664 --> 00:02:49,394
he asks himself one question every day:

83
00:02:49,865 --> 00:02:51,913
"If I leave this company tomorrow,

84
00:02:52,025 --> 00:02:56,394
without my title, team, budget, or brand endorsement,

85
00:02:56,465 --> 00:02:57,813
what do I have left in my hands?"

86
00:02:58,344 --> 00:03:01,153
Then he gave a very clear standard of judgment:

87
00:03:01,585 --> 00:03:02,653
What you cannot strip away

88
00:03:02,985 --> 00:03:04,153
is your asset.

89
00:03:04,705 --> 00:03:05,774
What disappears once stripped

90
00:03:06,145 --> 00:03:07,473
is just borrowed leverage.

91
00:03:07,824 --> 00:03:08,933
Why is this so powerful?

92
00:03:09,384 --> 00:03:11,593
Because most people have it backwards.

93
00:03:11,745 --> 00:03:14,593
They mistake the company's valuation for their own.

94
00:03:14,664 --> 00:03:17,153
They mistake the platform's traffic for their own ability.

95
00:03:17,185 --> 00:03:19,753
They mistake the team's efficiency for their own skill.

96
00:03:20,064 --> 00:03:21,753
When the tide goes out,

97
00:03:21,905 --> 00:03:24,433
they realize they aren't even wearing swimsuits.

98
00:03:24,985 --> 00:03:27,313
I've invested in over 300 early-stage companies;

99
00:03:27,705 --> 00:03:29,394
I've seen too many people like this.

100
00:03:29,944 --> 00:03:31,514
They reach Director level at a big tech firm,

101
00:03:31,705 --> 00:03:33,633
managing dozens of employees

102
00:03:33,664 --> 00:03:34,993
with tens of millions in budget,

103
00:03:35,064 --> 00:03:36,213
endless daily meetings,

104
00:03:36,544 --> 00:03:37,873
and an incredibly busy schedule.

105
00:03:38,185 --> 00:03:39,014
But when they leave to start a business,

106
00:03:39,305 --> 00:03:40,593
they collapse within three months.

107
00:03:40,729 --> 00:03:41,213
Why?

108
00:03:41,625 --> 00:03:43,633
Because they thought they had ability,

109
00:03:43,745 --> 00:03:45,993
when all they really had was a platform.

110
00:03:46,544 --> 00:03:49,433
Those resources, connections, and traffic—

111
00:03:49,465 --> 00:03:51,354
none of it followed them out the door.

112
00:03:51,625 --> 00:03:53,114
I've also seen another type of person.

113
00:03:53,544 --> 00:03:55,674
They might not be the most dazzling in the office,

114
00:03:55,784 --> 00:03:57,633
but they are constantly accumulating one thing:

115
00:03:57,905 --> 00:03:59,633
transferable skills.

116
00:03:59,944 --> 00:04:00,933
What does "transferable" mean?

117
00:04:01,504 --> 00:04:03,193
It stays with you at a different company.

118
00:04:03,224 --> 00:04:04,824
It stays with you in a different industry.

119
00:04:04,824 --> 00:04:06,133
It stays with you when you start your own business.

120
00:04:06,344 --> 00:04:07,433
That is what truly belongs to you.

121
00:04:07,664 --> 00:04:08,734
When these people start businesses,

122
00:04:09,064 --> 00:04:10,633
their success rate is staggering.

123
00:04:11,025 --> 00:04:14,514
Because they never tied their identity to any single platform.

124
00:04:14,865 --> 00:04:15,834
"Transferability"—

125
00:04:16,225 --> 00:04:20,113
these five syllables are the only standard for your true assets.

126
00:04:20,545 --> 00:04:22,134
Managing a ten-person team?

127
00:04:22,384 --> 00:04:23,353
That's experience.

128
00:04:23,745 --> 00:04:27,223
Building a team from scratch in a new industry?

129
00:04:27,225 --> 00:04:28,434
That's ability.

130
00:04:28,704 --> 00:04:30,494
Creating a viral project?

131
00:04:30,665 --> 00:04:31,634
That's an achievement.

132
00:04:31,904 --> 00:04:34,634
Knowing whether a project is worth starting?

133
00:04:34,704 --> 00:04:35,874
That's an asset.

134
00:04:36,064 --> 00:04:37,613
Landing a major client this year?

135
00:04:37,904 --> 00:04:38,874
That's performance.

136
00:04:39,024 --> 00:04:41,144
Arriving in a strange city with no network

137
00:04:42,625 --> 00:04:43,853
and still earning someone's trust?

138
00:04:44,185 --> 00:04:45,634
That's true skill.

139
00:04:46,225 --> 00:04:46,733
In the AI era,

140
00:04:47,064 --> 00:04:49,233
this distinction becomes even more brutal.

141
00:04:49,504 --> 00:04:51,473
Sequoia Capital used a metaphor last year,

142
00:04:51,545 --> 00:04:54,274
saying many of your skills are becoming like aluminum.

143
00:04:54,468 --> 00:04:54,934
What does that mean?

144
00:04:55,625 --> 00:04:58,353
Over 100 years ago, aluminum was more expensive than gold.

145
00:04:58,425 --> 00:05:02,033
Napoleon III served his most honored guests with aluminum utensils;

146
00:05:02,105 --> 00:05:03,954
ordinary guests only got gold ones.

147
00:05:04,185 --> 00:05:05,733
Then electrolysis was invented,

148
00:05:06,024 --> 00:05:07,673
and aluminum became worthless—

149
00:05:07,785 --> 00:05:09,954
one of the cheapest metals in the world.

150
00:05:10,105 --> 00:05:13,353
Today, AI is doing the same thing to countless skills:

151
00:05:13,584 --> 00:05:17,014
coding, making slides, translation, data analysis,

152
00:05:17,305 --> 00:05:19,634
basic design, and entry-level legal drafting.

153
00:05:19,745 --> 00:05:22,863
Skills that once took years of training to master

154
00:05:22,865 --> 00:05:24,574
can now be done by AI in seconds,

155
00:05:24,865 --> 00:05:26,194
and done quite well.

156
00:05:26,384 --> 00:05:30,264
The craft you spent four years in college and two years working to build

157
00:05:30,264 --> 00:05:32,194
was diluted overnight.

158
00:05:32,305 --> 00:05:33,093
It didn't disappear;

159
00:05:33,545 --> 00:05:34,874
it just lost its value.

160
00:05:35,225 --> 00:05:36,053
But there is one category of things

161
00:05:36,504 --> 00:05:37,514
that AI cannot do.

162
00:05:37,824 --> 00:05:40,543
Can you pick out the most correct plan by intuition

163
00:05:40,545 --> 00:05:42,254
from a pile of options that all look good?

164
00:05:42,785 --> 00:05:45,113
When everyone else is optimistic,

165
00:05:45,225 --> 00:05:46,374
can you sense when something is wrong?

166
00:05:46,985 --> 00:05:49,064
Can you make a person who doesn't trust you

167
00:05:49,064 --> 00:05:51,973
willing to hand over their money after a 30-minute talk?

168
00:05:52,625 --> 00:05:53,533
What are these things called?

169
00:05:54,105 --> 00:05:56,293
Judgment, taste, and the radius of trust;

170
00:05:56,504 --> 00:06:00,033
understanding core industry principles, and the courage to go from zero to one.

171
00:06:00,185 --> 00:06:01,793
Not only do they never depreciate,

172
00:06:01,824 --> 00:06:03,754
they actually compound over time.

173
00:06:03,865 --> 00:06:05,074
The older they get, the more valuable they become.

174
00:06:05,305 --> 00:06:06,834
So in the age of AI,

175
00:06:06,865 --> 00:06:09,673
the distinction between assets and leverage is not outdated;

176
00:06:09,745 --> 00:06:11,353
it has become a matter of life and death.

177
00:06:11,625 --> 00:06:13,343
Are you the person becoming more expensive,

178
00:06:13,345 --> 00:06:15,213
or are you the skill turning into aluminum?

179
00:06:15,985 --> 00:06:17,074
Now for the second point:

180
00:06:17,584 --> 00:06:19,793
Time makes incremental assets appreciate,

181
00:06:19,985 --> 00:06:21,754
while making stock assets depreciate.

182
00:06:22,105 --> 00:06:24,514
This young man used a very precise definition:

183
00:06:24,865 --> 00:06:26,553
Stock assets are nouns—

184
00:06:26,985 --> 00:06:27,653
a position,

185
00:06:28,024 --> 00:06:29,033
a certificate,

186
00:06:29,105 --> 00:06:29,774
a deposit,

187
00:06:30,064 --> 00:06:30,994
a hit product.

188
00:06:31,305 --> 00:06:32,994
Incremental assets are verbs—

189
00:06:33,425 --> 00:06:33,894
learning,

190
00:06:34,305 --> 00:06:34,733
judging,

191
00:06:35,144 --> 00:06:35,574
insight,

192
00:06:36,064 --> 00:06:36,793
adapting.

193
00:06:37,144 --> 00:06:39,834
Then he said something that left a deep impression on me:

194
00:06:40,305 --> 00:06:41,454
Promotion is the moving average;

195
00:06:41,904 --> 00:06:43,194
Ability is the K-line;

196
00:06:43,305 --> 00:06:44,553
Potential is the blank space.

197
00:06:45,105 --> 00:06:46,954
Investors will understand this immediately.

198
00:06:47,225 --> 00:06:48,413
A moving average has two characteristics:

199
00:06:48,745 --> 00:06:50,153
it lags and it smooths.

200
00:06:50,464 --> 00:06:52,223
If your ability doubles today,

201
00:06:52,225 --> 00:06:54,754
the average only nudges up slightly.

202
00:06:55,064 --> 00:06:57,874
If you suddenly break through a cognitive barrier,

203
00:06:57,985 --> 00:06:59,954
the moving average won't reflect it at all.

204
00:07:00,464 --> 00:07:02,913
Your job level is just a moving average drawn by the company.

205
00:07:03,264 --> 00:07:06,113
If you use that average to define your level,

206
00:07:06,185 --> 00:07:09,593
it's like using yesterday's price to define tomorrow's value.

207
00:07:09,985 --> 00:07:12,113
He said he doesn't chase promotions.

208
00:07:12,625 --> 00:07:13,014
He accepts them,

209
00:07:13,345 --> 00:07:14,353
but doesn't chase them.

210
00:07:14,704 --> 00:07:16,314
Because chasing a promotion

211
00:07:16,345 --> 00:07:19,103
is like multiplying all your time

212
00:07:19,105 --> 00:07:21,834
by an indicator that is destined to lag.

213
00:07:22,185 --> 00:07:26,113
He'd rather multiply his time by judgment and insight.

214
00:07:26,584 --> 00:07:28,014
Do you know what that's like?

215
00:07:28,865 --> 00:07:30,673
It's exactly like an entrepreneur saying,

216
00:07:30,824 --> 00:07:32,994
"I'm not chasing the valuation of the next funding round;

217
00:07:33,144 --> 00:07:35,634
I'm chasing the intrinsic value of the product."

218
00:07:35,985 --> 00:07:37,913
When the intrinsic value is strong enough,

219
00:07:38,064 --> 00:07:39,954
the valuation will catch up on its own.

220
00:07:40,384 --> 00:07:42,713
Many people are incredibly busy at work,

221
00:07:43,024 --> 00:07:44,593
working late every night,

222
00:07:44,745 --> 00:07:46,553
with flawless year-end performance reviews,

223
00:07:46,584 --> 00:07:48,394
earning every penny of their bonuses.

224
00:07:48,704 --> 00:07:49,834
But if you ask,

225
00:07:49,944 --> 00:07:51,653
"What was your greatest growth this year?"

226
00:07:52,105 --> 00:07:54,233
they stutter for a long time, unable to say.

227
00:07:54,665 --> 00:07:56,593
This is the trap of stock assets.

228
00:07:56,745 --> 00:07:59,033
It keeps diligent people feeling fulfilled,

229
00:07:59,144 --> 00:08:00,874
feeling like they are constantly improving,

230
00:08:00,904 --> 00:08:02,793
yet they never actually move forward.

231
00:08:03,064 --> 00:08:05,463
Even more frightening is a concept he mentioned

232
00:08:05,464 --> 00:08:07,954
called "efficiently killing time."

233
00:08:08,345 --> 00:08:09,653
Others get promoted in two years,

234
00:08:09,904 --> 00:08:11,223
you do it in one;

235
00:08:11,225 --> 00:08:12,634
you think you've won.

236
00:08:12,704 --> 00:08:14,064
But have you considered that

237
00:08:14,064 --> 00:08:17,303
if your ceiling is defined by the promotion system,

238
00:08:17,305 --> 00:08:19,894
you've only won an efficient slow jog?

239
00:08:20,384 --> 00:08:23,384
And the most toxic part of this slow jog is—

240
00:08:23,384 --> 00:08:24,754
It is painless.

241
00:08:24,944 --> 00:08:26,254
You outrun everyone else,

242
00:08:26,504 --> 00:08:27,593
take first place,

243
00:08:27,665 --> 00:08:30,274
and every external signal is applauding you.

244
00:08:30,584 --> 00:08:33,073
At what moment do you realize

245
00:08:33,105 --> 00:08:34,774
that you might be running in the wrong direction?

246
00:08:35,504 --> 00:08:38,474
This is why I say legacy assets are a trap.

247
00:08:38,745 --> 00:08:39,894
They don't just deceive the lazy;

248
00:08:40,304 --> 00:08:42,514
they are even better at deceiving the diligent.

249
00:08:42,825 --> 00:08:45,033
I've fallen into this trap myself.

250
00:08:45,184 --> 00:08:48,274
Years ago, when I started angel investing,

251
00:08:48,424 --> 00:08:51,114
the metric I was most proud of was the number of projects.

252
00:08:51,384 --> 00:08:52,214
I invested in 50,

253
00:08:52,465 --> 00:08:53,014
then 100,

254
00:08:53,304 --> 00:08:54,153
then 200.

255
00:08:54,585 --> 00:08:56,634
It seemed quantity equaled ability.

256
00:08:56,945 --> 00:08:58,673
Later, I gradually realized

257
00:08:58,705 --> 00:09:01,543
that returns aren't determined by how many deals you make,

258
00:09:01,544 --> 00:09:04,494
but by when, with what criteria,

259
00:09:04,664 --> 00:09:06,394
and on which kind of person you placed your bets.

260
00:09:06,705 --> 00:09:07,453
Those quantities

261
00:09:07,985 --> 00:09:08,913
are legacy assets.

262
00:09:09,424 --> 00:09:11,053
The evolution of those criteria

263
00:09:11,424 --> 00:09:12,514
is the real incremental growth.

264
00:09:12,745 --> 00:09:14,033
Finally, the third point:

265
00:09:14,465 --> 00:09:15,333
The closer you are to the market,

266
00:09:15,664 --> 00:09:16,874
the closer you are to freedom.

267
00:09:17,345 --> 00:09:19,394
He said something with an investor's perspective:

268
00:09:20,144 --> 00:09:21,673
"Entrepreneurs are just 'all-in',

269
00:09:21,945 --> 00:09:24,754
but I always have the right to open or add to a position."

270
00:09:25,225 --> 00:09:26,254
What does it mean to be "close to the market"?

271
00:09:26,784 --> 00:09:28,153
He listed several criteria.

272
00:09:28,424 --> 00:09:28,774
First:

273
00:09:29,184 --> 00:09:31,474
Hand your methodology over to others

274
00:09:31,585 --> 00:09:34,594
to see if they can get results in different scenarios.

275
00:09:35,024 --> 00:09:36,293
If only you can make it work,

276
00:09:36,585 --> 00:09:37,553
it's a legacy asset.

277
00:09:37,985 --> 00:09:39,903
If others can replicate it,

278
00:09:39,904 --> 00:09:41,953
it's transferable incremental growth.

279
00:09:42,448 --> 00:09:43,225
Second:

280
00:09:43,225 --> 00:09:45,793
See if you can get a complete stranger

281
00:09:45,865 --> 00:09:47,953
to voluntarily pay for something you've made.

282
00:09:48,384 --> 00:09:51,474
Payment is the coldest, hardest form of feedback.

283
00:09:51,825 --> 00:09:53,094
It doesn't care about your feelings

284
00:09:53,345 --> 00:09:54,474
or feed you vague promises.

285
00:09:54,825 --> 00:09:56,433
One real transaction

286
00:09:56,585 --> 00:09:59,234
is worth more than a hundred moments of self-satisfaction.

287
00:09:59,945 --> 00:10:00,173
Third:

288
00:10:00,424 --> 00:10:02,673
Put yourself in front of an external mirror.

289
00:10:02,745 --> 00:10:04,984
See what price the market is willing to pay for you

290
00:10:04,985 --> 00:10:06,953
once you leave your company and your title.

291
00:10:07,465 --> 00:10:08,254
As an investor,

292
00:10:08,465 --> 00:10:10,193
I'd like to add something.

293
00:10:10,544 --> 00:10:13,153
Many people are superstars within their company,

294
00:10:13,304 --> 00:10:16,714
but find they can't even persuade a stranger once they're out.

295
00:10:17,009 --> 00:10:17,494
Why?

296
00:10:17,985 --> 00:10:21,033
Because internal feedback is hothoused.

297
00:10:21,384 --> 00:10:23,913
Your colleagues are naturally inclined to cooperate,

298
00:10:23,985 --> 00:10:26,553
your boss is naturally inclined to give you chances,

299
00:10:26,705 --> 00:10:29,193
and your subordinates are naturally inclined to agree.

300
00:10:29,544 --> 00:10:31,394
These aren't market voices;

301
00:10:31,424 --> 00:10:32,953
they are voices in an echo chamber.

302
00:10:33,345 --> 00:10:34,453
A true market test

303
00:10:34,825 --> 00:10:35,874
is a cold start.

304
00:10:36,264 --> 00:10:36,933
No network,

305
00:10:37,264 --> 00:10:38,313
no endorsements,

306
00:10:38,384 --> 00:10:39,053
no budget,

307
00:10:39,465 --> 00:10:41,193
and no one even knows who you are.

308
00:10:41,465 --> 00:10:43,653
Can you build something from zero?

309
00:10:44,184 --> 00:10:44,933
Even if it's tiny,

310
00:10:45,304 --> 00:10:46,594
even if it's not profitable,

311
00:10:46,745 --> 00:10:50,354
even if it's just an article that strangers want to share,

312
00:10:50,544 --> 00:10:53,754
a tool that makes others ask how you did it,

313
00:10:53,904 --> 00:10:57,033
or a conversation that makes someone say "this person is reliable."

314
00:10:57,585 --> 00:10:58,994
The result of this test

315
00:10:59,024 --> 00:11:01,754
is your true valuation as an asset.

316
00:11:02,144 --> 00:11:04,144
It's not about what's on your resume;

317
00:11:04,144 --> 00:11:07,594
it's how much the market is willing to pay for your existence.

318
00:11:07,945 --> 00:11:10,854
Why am I sharing the thoughts of this 27-year-old today?

319
00:11:11,465 --> 00:11:13,533
Because I feel he has touched upon something for this generation.

320
00:11:13,745 --> 00:11:15,874
is the most critical cognitive turning point.

321
00:11:16,424 --> 00:11:17,553
In the past decades,

322
00:11:17,705 --> 00:11:20,313
the default path for career development was fixed:

323
00:11:20,585 --> 00:11:21,173
a good university,

324
00:11:21,465 --> 00:11:22,094
a good company,

325
00:11:22,384 --> 00:11:22,974
a good position,

326
00:11:23,225 --> 00:11:24,073
and a good retirement.

327
00:11:24,384 --> 00:11:25,913
You just had to squeeze in

328
00:11:25,985 --> 00:11:28,033
and climb the ladder step by step.

329
00:11:28,465 --> 00:11:29,053
But today,

330
00:11:29,465 --> 00:11:31,234
that path is breaking.

331
00:11:31,745 --> 00:11:33,494
AI is accelerating the devaluation of skills,

332
00:11:33,945 --> 00:11:35,673
economic cycles are shortening,

333
00:11:35,745 --> 00:11:37,994
and industry lifecycles are shrinking.

334
00:11:38,465 --> 00:11:39,823
Your parents' generation

335
00:11:39,825 --> 00:11:41,874
might have stayed in one industry for life.

336
00:11:42,264 --> 00:11:43,014
Your generation

337
00:11:43,345 --> 00:11:45,193
might have to switch five to seven times.

338
00:11:45,384 --> 00:11:46,624
In this environment,

339
00:11:46,625 --> 00:11:50,583
linking your security to any specific company or position

340
00:11:50,585 --> 00:11:51,754
is dangerous.

341
00:11:51,945 --> 00:11:53,384
The "iron rice bowl" of today

342
00:11:53,384 --> 00:11:55,754
might not even be a bowl tomorrow.

343
00:11:56,024 --> 00:11:57,543
The only true security

344
00:11:57,544 --> 00:11:59,894
comes from being a valuable,

345
00:12:00,105 --> 00:12:02,714
transferable, and continuously appreciating asset yourself.

346
00:12:03,024 --> 00:12:05,193
I'm not telling you to quit and start a business immediately—

347
00:12:05,625 --> 00:12:06,953
that's another trap.

348
00:12:07,345 --> 00:12:09,714
I'm talking about a shift in mindset.

349
00:12:10,264 --> 00:12:11,994
Move from "I'm working for the company"

350
00:12:12,184 --> 00:12:14,903
to "I'm using the company as leverage"

351
00:12:14,904 --> 00:12:16,913
to drive the appreciation of my own assets.

352
00:12:17,345 --> 00:12:19,594
When using this leverage, don't hold back.

353
00:12:19,865 --> 00:12:25,433
Use the budget, brand, team, room for error, and learning opportunities,

354
00:12:25,544 --> 00:12:26,634
use them to the fullest.

355
00:12:26,985 --> 00:12:28,634
But always remember one thing:

356
00:12:28,865 --> 00:12:31,153
The output of leverage is not your principal.

357
00:12:31,585 --> 00:12:32,214
Don't treat borrowed things

358
00:12:32,625 --> 00:12:34,033
as your own.

359
00:12:34,304 --> 00:12:37,024
When you view your work through this lens,

360
00:12:37,024 --> 00:12:38,953
many things become clear.

361
00:12:39,264 --> 00:12:40,053
Should you work overtime?

362
00:12:40,465 --> 00:12:42,553
Only if it adds to your incremental assets.

363
00:12:42,705 --> 00:12:43,533
Should you switch jobs?

364
00:12:43,985 --> 00:12:46,594
Only if the new platform offers better leverage efficiency.

365
00:12:46,825 --> 00:12:48,173
Should you learn a new skill?

366
00:12:48,544 --> 00:12:50,384
Check if it's transferable,

367
00:12:50,384 --> 00:12:52,514
or if it will become obsolete tomorrow.

368
00:12:52,985 --> 00:12:56,673
I really want to say one thing to the young people watching this:

369
00:12:57,065 --> 00:12:58,634
Don't be fooled by performance reviews.

370
00:12:59,024 --> 00:13:01,193
Performance is the company's evaluation of you,

371
00:13:01,465 --> 00:13:03,193
not your evaluation of yourself.

372
00:13:03,504 --> 00:13:06,073
There is only ever one question you should ask:

373
00:13:06,504 --> 00:13:07,854
"If everything were reset to zero tomorrow,

374
00:13:08,105 --> 00:13:08,933
what would I still be worth?"

375
00:13:09,504 --> 00:13:10,453
The answer to that question

376
00:13:10,745 --> 00:13:12,474
is your true net worth.

377
00:13:12,985 --> 00:13:15,553
But there is a deeper question hidden here,

378
00:13:15,745 --> 00:13:17,464
one that this young man didn't elaborate on,

379
00:13:17,465 --> 00:13:18,994
and I'm not sure there's an answer.

380
00:13:19,184 --> 00:13:22,433
When you turn yourself into a constantly appreciating asset,

381
00:13:22,585 --> 00:13:25,234
arming yourself with judgment and insight,

382
00:13:25,465 --> 00:13:27,673
and passing the market's coldest test—

383
00:13:28,105 --> 00:13:28,734
then what?

384
00:13:29,384 --> 00:13:30,214
Are you free?

385
00:13:30,945 --> 00:13:31,413
Or have you simply

386
00:13:31,865 --> 00:13:33,594
moved from one cage

387
00:13:33,664 --> 00:13:35,374
to a larger one?

388
00:13:35,945 --> 00:13:36,374
This question,

389
00:13:36,904 --> 00:13:37,833
I leave to you.

390
00:13:38,264 --> 00:13:39,913
How many of the skills you have now

391
00:13:39,945 --> 00:13:41,614
are truly transferable?

392
00:13:42,105 --> 00:13:43,374
The time you spend every day—

393
00:13:43,705 --> 00:13:45,234
is it maintaining your current stock,

394
00:13:45,264 --> 00:13:46,453
or accumulating incremental value?

395
00:13:47,024 --> 00:13:47,974
Tell me in the comments

396
00:13:48,264 --> 00:13:49,313
what you think.

397
00:13:49,384 --> 00:13:50,014
I'm Wang Lijie.

398
00:13:50,304 --> 00:13:51,350
See you next time.