Bear markets often occur unintentionally At first, it was' this time is different '. Every time there is a decline, some people come up with thousands of reasons, saying that it is just a technical adjustment, a "healthy correction", and a "rest stop in the bull market". All the bad news is cleverly explained, filtered, and diluted. People's beliefs are harder than facts, not because they can't see the signs, but because they actively choose to cover their eyes. Next, it's' wait a little longer and rebound '. When losing the first 10%, it feels like an opportunity; When you lose 30%, start telling yourself to invest in the long term; When he was beheaded, he became numb and said, 'It's already like this, what are you afraid of?'. From deep belief without doubt, to skeptical belief, and then to complete silence, there is no clear boundary in between, only deeper exhaustion day by day. You are no longer enthusiastic about discussing, and even too lazy to open your account - it's not that you are open-minded, it's that you don't even have the strength to face it. The real confirmation of its arrival often comes after you have fully accepted it. When you no longer seek good news, no longer argue about bull and bear, and no longer have unrealistic illusions about a rebound, it truly takes a seat in your heart. At this moment, you look around and find that the once lively forum has become quiet, the analyst's tone has become cautious, and the friends around you have tacitly stopped mentioning that topic. The hustle and bustle dissipated, and the ground was covered in chicken feathers, which was its most authentic appearance. Its way of coming is never to collapse suddenly, but to boil the frog in warm water. The water temperature rises one by one, and you adapt inside until one day you suddenly realize that you can no longer jump out. So, don't ask when it came. It came a long time ago, when you first made excuses for the decline, when you comforted yourself with "value investing", when you didn't want to admit that summer was over but secretly put your short sleeves at the bottom of your wardrobe. Seasonal rotation and market fluctuations are the norm. Accepting winter is not giving up, it is just acknowledging an objective law. The earth needs cold to recuperate, and the market needs cooling to squeeze out foam. Those who can calm down in winter, wrap themselves tightly in clothes, and patiently wait for the next spring often go further than those who shout in vain and refuse to wake up in the cold wind. The scariest thing about a bear market is never the decline itself, but our stubbornness in refusing to believe it has already arrived.