To The Moon

🎉In 2025, a growing number of Tiger users achieved million-dollar investment returns. Tiger launched The Road to Million Dollars series to get closer to investors who have already reached annual million-dollar gains, as well as those who are actively pursuing the million-dollar goal and have achieved annual returns exceeding USD 100,000—listening to their stories of how they think, persevere, and grow.

For Tiger, investing is more than just profit and loss figures; it is a journey from aspiration to achievement. Through these stories, we hope to inspire more people to set their own investment goals and turn “a million dollars” from a distant dream into a visible, attainable milestone.

🎁Click here to redeem your Dream Edition Million-Dollar Milestone at the Tiger Coin Center🎁

🚀💰Introduction to the Million Dollar Road

In the "Road to a Million Dollars," we have never recorded just the profit figures themselves, but rather how each investor forms their own judgment, framework, and rhythm.

Our interviewee for this issue is "Mumu," a Tiger Community user in his 90s, residing in Hangzhou, and working in the e-commerce live streaming industry.

He began systematically investing around 2021 to 2022, looking at both Hong Kong and US stocks, though his current holdings remain primarily in Hong Kong stocks.

For him, investing is not simply chasing market trends but constantly approaching the essence of a matter: whether a company is worth investing in and when it deserves a heavy position.

I.Starting with Pharmaceutical Stocks: Gradually Building the Habit of "Not Investing in What I Don't Understand"

Mumu's first investment was a domestic pharmaceutical stock. The logic back then was simple—he just felt the pharmaceutical market was promising.

Ultimately, this investment broke even, but the experience led him to a more important realization:

if he does not truly understand a company, he should not hold onto it long-term.

Later, he began to engage more systematically with Hong Kong and US stocks. He initially opened an account on Xueqiu and followed content on forums related to Duan Yongping, later switching to Tiger Brokers due to a friend's recommendation. Regarding platform usage, he watches courses and videos but admits he hopes for a stronger atmosphere for user interaction and content discussion.

II. Highly Focused Investment Themes: Internet, New Energy, and AI

In terms of sector selection, his focus is not scattered, concentrating mainly on Internet, New Energy, and AI. Although he currently focuses on Hong Kong stocks, he clearly mentioned that he will gradually prioritize US stocks in the future.

However, from the current stage, he believes overall US stock valuations remain high, so while they are investable, it is not yet the time to "bet big"; it is better suited for slow observation and gradual position building.

Compared to the "Magnificent Seven" which have already rallied significantly, he pays more attention to companies and directions with higher growth potential and better odds (risk-reward ratios).

III.Why Overweighting $XIAOMI-W(01810)$ : Not Emotion, but Valuation and Future Space

Currently, his heavy holdings are dominated by $XIAOMI-W(01810)$ . The core reason for this judgment is valuation. In his view, $XIAOMI-W(01810)$ was undervalued at the time; based on his calculations, there was at least three times the upside, and as his research deepened, he felt it was even more. What truly supports this judgment is that once $XIAOMI-W(01810)$ ’s auto business succeeds, the entire company’s valuation system will be re-rated. Because of this, he believed at the time that the upside clearly outweighed the risk, and even if prices continued to fall, the market had not fully priced in its future value.

IV. In His Eyes, $XIAOMI-W(01810)$ is Not Just a Car Company, but a Bigger Card

Mumu is very familiar with New Energy Vehicles (NEVs), and his family has basically switched to NEVs, giving him long-term observation of various car companies' products, roadmaps, and competitiveness.

In his judgment, $Li Auto(LI)$ $XPENG-W(09868)$ , and $NIO Inc.(NIO)$ each have their own issues, while $XIAOMI-W(01810)$ ,

under Lei Jun’s management, has a clearer roadmap and stronger product definition.

He believes $XIAOMI-W(01810)$ ’s entry via "racing cars" was well-executed, and there are no real competitors in terms of product definition at present, nor have clear strong competitors emerged in the market over the past two years. From a broader logic, if $XIAOMI-W(01810)$ Auto succeeds, home appliances, smartphone high-end transformation, and even future AI capabilities may all be revalued.

Therefore, he is not looking at a single business line, but a larger synergistic space.

Ⅴ.Mid-to-Long-Term Holding, but Accepting Adjustments Based on Certainty

Regarding $XIAOMI-W(01810)$ , his attitude is not short-term speculation but mid-to-long-term holding. He will likely continue to hold for the next three to five years, though the position ratio might be adjusted, with a portion potentially moving to US stocks.

He follows public opinion regarding $XIAOMI-W(01810)$ Auto immediately, but these news items have little impact on him personally. Only when he clearly judges there is short-term downside room will he perform some trimming and re-buying operations—for example, he made adjustments during stages of high tariff uncertainty. Overall, he still trades based on mid-to-long-term, fundamental-driven methods.

Ⅵ.Options are the Favorite Tool, but Also One Where "Tuition" was Paid

Among derivatives, his favorite tool is options, mainly using Sell Put and Sell Call, which essentially follows a Wheel Strategy. He started learning about options last August and September when he saw others using them and gradually became interested.

The attraction for him lies in the practicality:

use Sell Put when wanting to take delivery but feeling it’s better to wait; use Sell Call when wanting to sell but feeling it’s a pity to sell right now.

This logic is very practical and fits his position management habits.

Ⅶ.The Deepest Lesson: Rashly Selling Call Options Without Enough Understanding

However, he clearly admits to paying a heavy "tuition fee" regarding options. During the rally last September, he made a Short Call on $XIAOMI-W(01810)$ .

Because he did not understand or respect options enough at the time, he ended up missing out on a lot of profit. His core takeaway after reviewing the trade was not "don't sell calls in the future," but rather: when a tool exceeds one's current range of understanding, one should not use it rashly. For him, that was a classic reminder of his "circle of competence" and the starting point for becoming truly cautious in learning options.

Ⅷ.His Understanding of Investing: Understand, Calculate Clearly, and Dare to Bet Big

When discussing his investment advantages, Mumu’s expression is distinct: he leans toward the Value Investing school, belonging to the "don't invest if you don't understand" camp; but once he invests, it is when he truly understands and believes the valuation is attractive enough to take a heavy position.

In his view, this is the reason why he can capture returns more easily than others in the short term. While many people add positions gradually, he emphasizes that

when a reasonable valuation zone is identified, one should dare to push the position up.

Of course, he admits his system has blind spots, such as tracking institutional perspectives, policy environments, and market-sensitive information, which he intends to strengthen later.

Ⅸ.Single Indicators are Not the Core; the Key is "How Much is Earned Now" and "How Much Will Be Earned"

When analyzing companies specifically, he does not place single indicators like P/E or P/S at the core. He cares more about how much the company earns now, how much it can earn in the future, and whether the current valuation matches these two points. If the certainty of future earnings is very high and the growth is fast, then even a high P/E ratio might be acceptable.

Besides this, he also looks at institutional valuations and industry peer benchmarks. Taking Xiaomi as an example, references can be found in appliances, phones, and cars; by breaking down each sector to calculate, he can basically judge whether the market is pricing its present or its future.

Ⅹ.Changes Brought by Investing: More Than Just Profit

In Mumu's view, the impact of investing has long surpassed the returns themselves. Because he runs his own business, he applies the investor's perspective to scrutinize his own business: what the moat is, what the essence is, and what the future holds.

Additionally, investing has made him more sensitive and willing to think about the essence of things. Whether it is business, interpersonal relationships, or any investment, he subconsciously uses "investment-style thinking," making him overall more rational.

A Million Dollars is Not the End, but a Clear Beginning

Speaking on reaching the "Million Dollar Profit Milestone," his feeling was not just happiness, but a confirmation of one thing:

he has found a path he will be interested in and willing to invest in for decades to come.

This sense of confirmation makes him believe he has both a method and a talent for investing. He shared this moment on his WeChat Moments as an interesting milestone.

His next goal is to reach $10 million within three to five years, and he hopes that if he truly achieves it, there will be a more personalized commemorative medal with his name on it.

Final Words: Tao and Shu

If one sentence could summarize Mumu's "Road to a Million Dollars," it would be:

If you understand it, be firm; when the opportunity comes, bet big.

He strongly agrees with the saying "buying a stock is buying a company," but also believes young investors should not just learn the conservative ways of predecessors, but more importantly learn the "Tao" (the way) and then find the "Shu" (the technique) that suits them.

Therefore, at the end of the interview, his message to other investors is direct: Investment opportunities are always there; you must be patient, seize the opportunity, and when it’s time to bet big, do not hesitate.

Make goals tangible, make dreams visible.

For investors still on their journey, Mr. Weng's advice is very insightful: Maintain a calm mindset when investing, and don't let short-term fluctuations affect you. Stay focused on your direction, persevere, and don't be greedy.

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