The current A-share market is punishing rational individuals, The market is divided into two stages: one is soaring in valuation, and the other is experiencing friction on the floor. When the market drops sharply, everyone doubts whether they have read it wrong. Not to mention those with poor fundamentals, some performance and stock prices that deviate significantly can still be killed. This is not the first time in history, but every time we experience it, we still want to curse, The securities firm PE is already on the floor, PB is also lying flat, ROE is only 6%, and the valuation is as low as this. Isn't it worth it as a cigarette butt stock? Insurance PB has fallen back to bear market levels, but the stock price has risen even higher than the bear market - all the gains are in performance. Performance recovery, asset improvement, and new business value have surged. In theory, Davis should have double clicked, but the market did not recognize her. In front of AI, no matter how beautiful a woman is, she is ugly, In consumption, the ROE of Hang Seng's consumption is rising, and PE is just over 14 times. Innovation drugs are also strong. It is also a technology stock. The fate is very different. The PE of Zhonggai Internet is less than 16 times, and it also falls back to the bear market. All the gains are due to the performance, and the valuation has not changed. The money burned in the takeout war last year will be reflected in the profits in the second half of the year. The actual PE may be less than 14 times, In 2013, the mobile Internet market, TMT doubled in a year, CSI 300 PE fell to 8 times, the growth rate of blue chip profits was 13%, but the valuation was hard to decline, and the differentiation continued to reverse until June 2014. From 2016 to 2017, blue chip rose, TMT fell, and even in the global semiconductor upward period, China Semiconductor did not rise, The stock market is going to extremes, with good performance leading to a sharp drop, poor performance leading to a surge, SpaceX's losses contributing to a trillion dollar market value, and irrationality persisting for a long time. Without preparation before entering the market, one is prone to injury, AI market hype tactics: creating anxiety, exaggerating capabilities, telling unfounded stories, boosting stock prices to attract retail investors, suppressing non AI industries to drive away funds, and mutually praising profitability. The entire market seems to be nothing but AI, but AI contributes less than 1% to GDP, and most companies have no profit model. The secondary market is hot, aiming to cash out the valuation of the primary market, True rationality is difficult. When everyone is doing the same thing and you don't follow, the masses will punish you, ridicule you, and make your holdings shrink. Under pressure, your brain will go numb, The biggest test of investment is never skill, but the control of mentality and emotions. Years later, people will exclaim: easy after the fact, difficult before,