Let's see if the rhythm of the U.S. stock market since November can still be grasped: 1) On November 4th, I believed there was a small-scale adjustment caused by a cash crunch in the U.S. stock market, and in the last part of this tweet, I referenced the history of 2019 to suggest that the Fed might soon expand its balance sheet; 2) On November 5th and 7th, I discussed in detail the underlying logic of the small-scale adjustment in the U.S. stock market due to valuation cuts. 3) On the evening of November 21st 4) On the morning of November 22nd 5) On November 30th On November 11th, I mentioned that we would have to endure a tough period again. In the past two months, there have been various extremely pessimistic comments in the market, either expressing emotional outbursts or only looking at parts without considering the whole, which leads to generalizations. It is still necessary to carefully examine all aspects of the market and objectively assess and deduce. Both excessive pessimism and excessive optimism are actually undesirable.