ChatGPT interpretation: [As a secondary market technology investor, your excess returns often come from **identifying the flywheel stall point and the compound interest takeover point** - that is usually the time when the market makes the biggest mistakes and valuation mismatches. 】 1. [Core Views] As an investor in the secondary market of technology stocks, your excess returns often come from mispricing at two special moments: 1. When the growth rate of the data flywheel slows down significantly for the first time, market sentiment is often overly panicked, and valuations are cut "one size fits all". 2. After entering the compound interest-driven stage, the free cash flow and high ROIC of the enterprise begin to dominate the value, but the market is still underestimating them with the discount model of "growth collapse". If you can identify these two bends before the market, you can take positions at times of extreme sentiment and maximum valuation mismatch to gain α. 2. [What is the "flywheel stall point"] 1. Definition: The growth rate of enterprise revenue or key operating indicators has changed from "second-order derivation to positive" to "second-order derivative is negative", that is, the growth continues, but the acceleration decreases. 2. Typical market reaction: Quickly revise the long-term growth assumption downward, first cut PS or EV-Sales sharply, and then look for the reason. 3. Example: Snowflake lowered its product revenue growth guidance from 80%+ to about 50% in fiscal 2023, and its stock price was nearly halved within six weeks. CrowdStrike's fiscal 2025 fiscal quarter gave an annual growth rate of about 20%, also falling by about 20% in a single day. 3. [What is a "compound interest takeover point"] 1. Definition: The company's growth no longer relies primarily on the flywheel effect brought about by new data, but relies on consistently high ROIC and free cash flow reinvestment. 2. Common market mistakes: Investors still treat it as a "growth stock stall", price it with static or low-growth models, and ignore the long-term benefits of cash buybacks, dividends or efficient mergers and acquisitions. 3. Example: Alphabet's growth rate dropped to mid-low double digits from 2008 to 2010, and PE was cut to 13 times; Apple has used almost all of its free cash flow for buybacks since 2013, and has also compounded to increase EPS in the undervalued area for many years. 4. [Determine whether the flywheel stall is overly punished] 1. See whether the growth rate reduction is seriously mismatched with the valuation compression. 2. Check whether the data moat is still strong: customer renewal rate, gross profit margin, and user stickiness....