Treating US stocks as knockoff stocks is the most expensive cognitive tax of this bull market. Recently, I have observed an interesting phenomenon: many friends who have switched from the cryptocurrency industry to the US stock market have even uglier account curves than when they started trading knockoffs. They always lose money based on their strength. The reason behind this is a mismatch in trading habits. They treat the US stock market as a knockoff currency and particularly enjoy short selling at the top. Why can't it stay empty? Because these two have essential dimensional walls. 1. Shanzhai is an air coin that lives on narrative and liquidity. The tide recedes, and when it falls, it's really the bottom of the solar system, with no cash flow or business support. After falling 90%, it can fall another 90%. So cryptocurrency players have become accustomed to the zero sum game mentality that if there is a significant increase, there will be a sharp drop. 2. US tech stocks are physical money printers, is Nvidia expensive? Do you think Microsoft has no room for imagination? But their financial report is a real profit, and if the PE is high, it can be digested by performance growth. Touching the top is because it feels off value, but the value of US stocks moves with the growth of EPS (earnings per share). What you measured with a ruler was yesterday's peak, but the value of the enterprise has risen to new heights today. The truth of hindsight is that short selling knockoffs is short selling liquidity expectations! Short selling technology leaders in the US stock market is short selling human productivity (Nvidia's chips, Tesla's robots, Microsoft's AI). Don't treat the US stock market as a casino. Although there are fluctuations here, behind it stands the world's top real economy and cash flow. In the cryptocurrency industry, you are a liquidity hunter, and in the US stock market, you are facing a friend of time!