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躺平者最终能赢（一）

王川 · Passages from the same work, in order.

Investing · 王川《躺平者最终能赢（一）》· 躺平者最终能赢（一）

Exponential Returns Come Later

指数增长的好投资，最大的回报往往是在后面几年。

In a good exponential investment, most of the return arrives in the later years.

Investing · Wealth · Growth · Character · Modern investor letters