A PUMP private equity whale sold off more than half of its positions, incurring a total loss of approximately $10.3 million. Seeing this resonated with me. Last year, I also invested in a private equity fund. Once the lock-up period ended, I absolutely refused to sell. I told myself every day, "I'll sell after I break even." But the longer I waited, the deeper the losses became, until I finally sold at the bottom. This PUMP whale was in a similar situation. His eight-month inaction shows he truly believed in the market. But the market didn't cooperate, and he eventually had to cut his losses. A $10.3 million loss sounds staggering, but essentially, it reflects the same psychological state I had when I lost 50,000 yuan— I couldn't take it anymore. Many people think large investors don't feel the pain, but the more money you have, the greater the pressure. Especially when your account balance shrinks by hundreds of thousands every day. The market never listens to sentimentality.