The same returns, but the reactions of people are completely different — this is very interesting.

Suppose there is an investment that can multiply tenfold in 10 years; you might hesitate. It doesn't sound particularly attractive, and you have to wait a full decade.

But look at it from another perspective: an annualized compound return of 26%. At this point, the reaction changes. Some might think, "Wow, such a high return? Can't find it anywhere else." At the same time, their caution also kicks in — is this really reliable? Am I just after the interest, while they actually want my principal?

In fact, both descriptions refer to the same investment. The issue isn't with the numbers themselves but with our limited intuitive understanding of returns. One number is close to everyday experience (a 10x return sounds okay), while the other exceeds expectations and seems abnormal. An annualized return of 26% is extraordinary for any asset class, and this irrationality precisely triggers people's alertness.

When evaluating any investment opportunity, it's essential to maintain this vigilance.