My first full-time job (and my only) was working for a US dollar fund in Asia, a once-brilliant (and now influential) venture fund. This fund has invested in Shanda Games, Perfect World, 58.com, etc., and has invested a large proportion in India's Paytm and other good projects, and is also the first primary market fund in Asia to achieve a single fund of 1 billion US dollars. In addition, the fund partner bought GP share from Masayoshi Son, and successfully became independent from SoftBank's sub-fund. Today's purpose is not to analyze the ups and downs of this fund, but when I happened to review this work experience two days ago, I found that I far underestimated the significance of this experience to me. The most important reason for this is that I work with a very good owner. This senior is a person who looks mean and serious, but is actually very generous and kind. I learned a lot about the principles of work, life, and dealing with people from this senior (to be precise, I understand the importance of these principles, but they have not necessarily been successfully implemented): Aspects of work: 1. Be an investor, not a venture capitalist, and don't limit yourself to the so-called venture capital model. (This has a great impact on me when I first entered the workplace, you can understand that the boss who went to work at a venture capital for two days said that the working model of venture capital is not the most effective, and you need to understand the investment itself) 2. Investments cannot be made from top to bottom, according to the catalog. Not long after I joined the company, I sorted out a lot of subdivisions that were hot in Web2 at the time, and wrote a lot of reasons why we needed to cover these topics. The context of Web3 is similar to how I took some keywords, ZK hardware acceleration, L2 interoperability solutions, RWA+Stablecoin, and so on to report to the boss. What struck me the most at the time was the idea that it is difficult to find good companies to invest in by category from top to bottom. We should focus on the bottom up, from the needs of the individual or the needs of the surrounding people, and study the individual of a good company. 3. Be patient with the target while enjoying the wait. The former boss personally invested in Zhihu, and it took nearly 10 years from the first investment to the listing of Zhihu. In the process, it is more about paying attention to the changes in business fundamentals and learning from each other with the founders. The three principles related to the above work have helped me the most from two perspectives: 1. Be more respectful of the essence of things or work, rather than starting directly from a paradigm or framework. The elementary ones inspired my understanding of first principles. 2. Trying to understand the nature of getting rich may be tantamount to holding on to the right things. Aspects of life: 1. Emphasis on family and children's education. My boss has two daughters, both of whom are extremely well educated, and the eldest daughter has just graduated from an Ivy League university. For the sake of his youngest daughter's education, the boss served as the author and co-created a children's economics picture book series with his youngest daughter, which has sold more than 2 million sets in China and should be the first in the subdivision. 2. Frugal, high-quality consumption is not in conflict with personal high-risk investment. Almost all of them travel by subway, and those who don't finish eating out will be packed, and the single investment of millions of yuan from personal angel investment will try to be paid on the same day/next day, and the low-key and high-priced way of dressing, and the love for Burgundy. These seemingly conflicting lifestyles come together. In terms of treating people: 1. Trust in young people. In the scene, this young man was me (about 23 or 24 years old). In my two years at the fund, I have made 5 terms and completed 2 investments that are fully led by me. This relatively conservative fund in the traditional Web2 space belongs to a very good speed. Naturally, my boss became my first investor when I started my business. This experience has deeply influenced my understanding of trust and leadership, and has always taught me to believe that the key to an organization's true vitality is its willingness to truly empower young people. Today, I continue that trust. We have officially appointed Particle's first COO, Ethan Francis. He is only 19 years old but has been working full-time for more than 4 years (2 of which were at Particle) He fits the traits of someone I want to work with and trust: Sincere, hardworking, professional and flexible. Particle has been established for 3 years, and it may be a very "old" project from the perspective of Crypto entrepreneurship, and by the standards of the Web3 field, my age is no longer a young founder, but just a relatively young person. But Particle will continue to evolve and the team will always be alive because we'll always stick to one principle I've learned from my former boss: betting on young people. Good luck, Ethan! -- My first (and only) full-time job was at a USD fund based in Asia — a venture fund that was once remarkably influential, though its presence has faded in recent years. It backed companies like Shanda Games, Perfect World, and and made a significant investment in Paytm in India, among other great companies. It was also one of the earliest primary-market funds in Asia to raise a $1 billion single fund. Impressively, the fund’s partners bought out their GP stake from Masayoshi Son, successfully spinning out from SoftBank’s sub-fund. Today, I’m not here to analyze the rise and fall of this fund. Rather, I recently found myself reflecting on that experience — and realized I had long underestimated how much it meant to me. The most important reason: I had the privilege of working under an exceptional boss. This mentor appeared strict — even “mean” — at first glance, but in reality, he was incredibly generous, kind, and principled. From him, I learned a great deal — not just about work, but about life, and how to treat people. (More accurately, I came to understand the importance of these principles, though I’m still learning to fully embody them.) On Work: 1. Be an investor, not just a venture capitalist. Don’t confine yourself to the venture capital playbook. For someone just starting out, this was a major mental reset. Imagine joining a VC firm, only to have your boss tell you on day two that venture capital, as a model, is far from optimal — and that to succeed, you must understand investing itself. 2. Avoid top-down, theme-based investing. Soon after I joined, I put together a detailed overview of Web2 sub-sectors that were trending at the time, explaining why we should focus on them. To give a Web3 analogy: it was like I pulled together a list of hot narratives — ZK hardware acceleration, L2 interoperability, RWA + Stablecoin — and pitched them to my boss. His response left a lasting impression: “It’s hard to find great companies by categorizing themes from the top down. You need to go bottom-up — observe real, individual needs and study standout companies one by one.” 3. Have patience with your investments — and enjoy the wait. My former boss was one of the earliest angel investors in Zhihu. From his first check to its IPO, nearly 10 years passed. But his focus throughout was on understanding how the business was evolving — and learning together with the founder. These three principles shaped the way I work. Two takeaways stand out: 1. Respect the essence of the work, instead of starting from frameworks or mental models. This was my first introduction to first-principles thinking. 2. Try to understand the nature of wealth — it may just be about holding onto the right things, intelligently and patiently. On Life: 1. A deep commitment to family and children’s education. My boss had two daughters, both of whom were exceptionally well-educated — the older had just graduated from an Ivy League university. For the younger one, he co-authored a children’s book series on economics, which went on to sell over 2 million copies in China. It became a best-seller in its category. 2. Frugality, high-quality consumption, and high-risk personal investing are not mutually exclusive. He took the subway almost everywhere. He always packed leftovers when eating out. He often wired seven-figure USD-equivalent angel checks within a day. His wardrobe was understated but refined. He had a deep love for Burgundy wine. These seemingly contradictory habits came together in surprising harmony. On People: 1. Trust in young people. At that time, I was the young person — just 23 or 24 years old. Over two years, I issued five term sheets and completed two investments that I led end-to-end. In a relatively conservative, traditional Web2 fund, that was a strong pace. Naturally, my boss became the very first investor to back me when I started my own venture. That experience shaped how I view leadership and trust. It convinced me that whether an organization has real vitality comes down to one thing: are you willing to truly empower young people? Today, I’m proud to carry that belief forward. We’re officially appointing Ethan Francis as the first Chief Operating Officer of Particle. He’s only 19 years old, but already has over four years of full-time work experience — two of which have been with Particle. Ethan embodies the qualities I look for in someone I want to work with and trust: genuine, driven, professional, and flexible. Particle has been around for three years. By crypto startup standards, we’re already a relatively “old” project. And in Web3, I may no longer be a young founder — just someone who’s still relatively young. But Particle will continue to evolve. Our team will remain dynamic and alive — because we’ll always stick to a principle I learned from my first boss: Bet on young people. Good luck, Ethan!