Today, in the second industry class of Babbitt, Cai Yan, managing director of NGC Ventures, gave a lecture on "All-weather Investment Strategy". She said it was important to build a portfolio that not only created long-term value but also generated solid income. According to the rapidly changing market, the investment portfolio will be dynamically adjusted to adapt to bull and bear markets: 1. In this fast-changing market, investment income mainly comes from the market's β, not the α of an institution, so grasp the market's macro structure It is more important than investing in several head projects; 2. The cycle rotation logic of the cryptocurrency market is not fundamentally different from the traditional capital market, but the coordinate system and direction of movement need to be revised; 3. The cryptocurrency also reflects the traditional capital market The characteristics of stocks / debts / commodities; 4. The allocation of cryptocurrency assets should not be separated from the traditional asset management / asset allocation framework, and should be integrated into and improve the performance of the overall asset portfolio; 5. The lack of fundamentals also means the instability of industry boundaries The analysis framework and premises can change significantly at any time. Past successes are often the foreshadowing of future failures.