为了资产的持续增长和稳定，我们绕不开对中国市场的关注，但很多人纠结于其政策监管“阴晴不定”，认为这是一个被过度干预甚至“操纵”了的市场。

We can't help but focus on the Chinese market for the sake of continued asset growth, but many people get hung up on the "volatility" of its policies and regulations, believing that it is an overly interfered with or even "manipulated" market.

这显然是对中国还不够了解，或者在了解的过程中过度关注了一些负面新闻。

This is clearly a case of not knowing enough about China, or in the process of understanding it, paying too much attention to some of the negative news.

我将试着解释两条在中国投资的“军规”：

I will try to explain two "rules of the road" for investing in China:

1.去投资中国“禁止”的东西；

To invest in what is "ban" in China.

&

2.永远做多中国。

Always be long China.

投资中国“禁止”的东西，并不意味着你要去贩卖毒品和枪支。中国是一个人口基数很大的国家，有句古话叫做“不患寡而患不均”，财富分配带来的不公会引起社会动荡和矛盾，这在过去的历史中已经不是新鲜事。

Investing in what is "ban" in China does not mean you have to sell drugs and guns. China is a country with a large population base, and there is an old saying that "you don't have to worry about scarcity, but about inequality".

投资中国“禁止”的东西，意味着这样的东西在一定程度上引起了社会不公，现阶段所有人参与其中只会拉开贫富差距、形成“内卷”，最终导致零和博弈那样的恶性循环。

Investing in something that is "ban" in China means that such a thing has caused social injustice to a certain extent, and at this stage everyone involved will only widen the gap between the rich and the poor, forming an "in-roll" that will eventually lead to a vicious circle like a zero-sum game.

在投资领域，小范围内和中国“反着来”，并不是一件坏事。

In the field of investment, it's not a bad thing to go against China on a small scale.

永远做多中国。事实上，很多人不愿意承认中国正在逐渐成为世界上举足轻重的国家，尽管她在人口、经济增长上开始出现压力，仍不失为一个好的投资标的。

Always be long China. In fact, many people are reluctant to admit that China is becoming a major player in the world, and despite the fact that she is starting to come under pressure in terms of population and economic growth, she is still a good investment target.

永远做多中国，并不意味着对一些在纳斯达克上市的中概股造假抱之与同情，事实上中国也很少有人会购买那些股票，这就像人们对于区块链行业中来自中国团队的项目不够信任一样。我觉得我们对待未来出现的中国项目也该抱有这样的信念：我虽然不会立刻购买你这糟糕的产品，但我会持续看好中国团队在去中心化世界中的动作，并在时机恰当的时候，买中国，做多中国。

Being long China forever doesn't mean being sympathetic to some of the fake Chinese stocks listed on NASDAQ, and in fact very few people in China will buy those stocks, just like people don't trust projects from Chinese teams in the blockchain industry. I think we should also approach future Chinese projects with the belief that while I won't buy your terrible product right away, I will continue to be bullish on Chinese teams moving in the decentralized world and buy China and go long on China when the time is right.