The truth is actually very simple. After 2000, the overall valuation of the US stock market increased from about 15PE to 20PE, which is nothing more than a new tool: Brought about by QE. In the QE state, the stock market can indeed be higher, faster, and stronger. The question is, what is the current state? High interest rates+inflation+recession expectations. Expect Trump to press JP to cut interest rates? Trump is just playing oboe with him. JP would dare to cut the interest rate of 10-year treasury bond to 5%, and Bensent should cry at that time. We still need to break first before we can stand. True financial controllers like Warren Buffett have already prepared cash, and when the market acquires blood stained chips, both sides will make a profit.