From last year to this year, the financial market has experienced a round of individual investors' liquidation almost every once in a while. In the second half of 2025, it will be cryptocurrency, and in early 2026, it will be precious metals. Recently, the US stock market, gold, and cryptocurrency have all fallen together. On the surface, it appears to be the international situation, inflation, and policy expectations, but at a deeper level, it is the cyclical pattern at play. The scariest thing in trading is not misreading the direction, but losing control of positions and leverage. Many people, despite seeing the right direction, end up losing money in the end. Why? Because a needle or a liquidity squeeze is enough to reset such highly leveraged accounts to zero. It's easy to get the illusion that you make money in a week or month—— The market will always operate according to its own ideas. But in reality, the first thing that financial markets eliminate are overconfident people. What truly bankrupts countless people is not the bear market, but volatility. So over the years, I have increasingly believed in four words - slow is fast. There are many people who make quick money, but few who survive in the long run. The biggest secret to investing and trading is actually very simple - first survive, then wait for the cycle to run to a stage suitable for buying, and then build positions in batches, and then hold onto them until spring arrives. Cycles always exist, liquidity easing will come, interest rate cutting cycles will come, risk appetite repair will come, and new main lines will also come. The market never lacks opportunities. What's missing is the chips in the account when it's time to go on stage. In recent years, the international situation has been turbulent, and the global financial order is also being restructured. The volatility of various financial targets will only increase. But crisis and opportunity are two sides of the same coin, and when everyone is panicking, it is often the starting point for cyclical buying. I believe that in the second half of 2026, both the US stock market and the cryptocurrency market may experience significant opportunities for building positions. As for gold, I prefer to consider it as part of asset allocation rather than a tool for quick wealth gain. For most people, buying in batches, holding for the long term, and continuously investing in gold can outperform the annualized returns of most bank managers' recommended products by extending the timeline. The market never lacks opportunities, and I hope that when opportunities arise, everyone is still at the table.