If I remember correctly, the last time this market sentiment appeared was around September 2023. Later, the news of ETFs broke the deadlock and continuously boosted market confidence, ultimately saving/creating a bull market. So if the market wants to restart at this moment, it must have good profits among peers, wait for interest rate cuts and expansion, and wait for a truly universal bull market rather than a monopoly bull market. Many people say that the bull market has not come, but from a macro cyclical perspective, there is no problem with saying so However, due to issues such as party disputes, the pandemic, and the independence of the Federal Reserve in the United States, the previously clear boundaries of the four economic cycles have gradually become blurred. You can consider the current situation as either a continuation of the previous recession or the beginning of a new cycle. The last time the helicopter dropped money due to the epidemic seemed to have quickly emerged from the recession, but the internal problems were not resolved due to the short time. It's like hitting a bottle when you're sick. It may seem like you've recovered, but the next time you get sick, it may be faster and more severe. Strengthening your constitution and killing bacteria from within is the key, but an aging body cannot do it. What we need to capture and be able to capture is the relatively good moment during the period of recovery or gradual decline. It may be short for the country, but it is already long for individuals, after all, it only takes two or three years to get rich. The current economic cycle should be in a recession period, regardless of what the media, public opinion, and data say. You can generally assume that the current period is a recession, so we only need to focus on when the recovery will begin, and then see where the real golden pit is during the recession. So we have to pick up the perspective of two years ago, whether the next interest rate cut will be an active interest rate cut for economic improvement or a rescue interest rate cut due to the collapse of the US stock market caused by economic recession. I personally think the latter is more likely, so if this judgment is accurate, what we need to do now is to cultivate ourselves and wait until the world is discussing the decline and panic is everywhere before entering