The current U.S. stock market is in a typical 'three-high' state: high valuation, high liquidity, and high emotions. In the short term, with funds chasing trends and pushing the market higher, this is like a euphoric celebration that overdraws its stamina. But in a few months, as IPOs increase, liquidity tightens, and hot narratives cool down, the aftereffects of the 'three-high syndrome' will gradually emerge. Valuation corrections and market adjustments are inevitable trends. I still firmly believe that it's crucial to lower return expectations, increase cash positions, and stay away from severely overvalued assets. Think about it carefully—when the market easily absorbs SpaceX's $75 billion mega IPO, it shows that the entire market has completely let its guard down and become numb. Musk is like the anesthetist giving you the shot. My take: Exit U.S. stock positions on highs within the next 3 months and look for opportunities to bottom-fish Bitcoin and Ethereum.