We've always been pursuing annualized returns of several times, even dozens of times. I remember in 2021, when I first came into contact with position arbitrage, quantitative trading, and institutional position allocation, I kept quiet and listened from the perspective of a listener when I chatted with them. The annualized return they expected was 5-20%. When I heard this, I actually wanted to mock them. What the hell is this return? Even if you had a pig, you wouldn't get such a low return if you had clients giving you money to trade.