Oxbow Advisors founder Ted Oakley pointed out that investors are missing out on opportunities to invest in commodity related stocks and underestimating the potential of mining companies. This senior wealth manager warns that a "generational level" bear market may be approaching, and most investors have run out of ammunition chasing popular stocks, making it difficult to seize opportunities at that time. Oakley said, "At that time, the (US stock) market may experience a pullback of at least 40%, or even more." He expects this pullback to continue for one to two years, rather than just a few months. The current valuation has deviated from the normal level by about three standard deviations, and returning to the mean alone would require a 40% to 45% decline. This is by no means a normal market. Oakley believes that the US stock market may peak and "consolidate for a period of time" in the next 6 to 12 months. But if one enters the market in pursuit of the final "6% to 8%" increase, they will face a downside risk of about 25%, and the risk return ratio is no longer favorable. He said that Oxbow will wait for opportunities when the market falls, but many investors who only passively hold the S&P 500 index may no longer have the capacity to add positions at low levels. The company's Chief Investment Officer, Chance Finucane, stated that caution should be exercised towards 2027 as it will face a high base effect in the first half of this year next year, with slower growth and lower inflation, which is not favorable for risk assets. Oakley pointed out that semiconductors have evolved from a peripheral sector three years ago to a market dominant force. Nowadays, 10 to 12 companies dominate the market, and investors have not realized that relying solely on the S&P 500 index cannot truly diversify risks, let alone the sustained rise in speculative sentiment over the past year. Oxbow used Intel as an example to warn against chasing high risks: when it was sold in 1999, it had already earned a 400% return, and then rose another 100% in the following 12 months, but it took 26 years to return to the high level at that time. At present, Oxbow's stock position is slightly more than 60%, holding 45 individual shares, and the rest are short-term treasury bond bonds. Oakley is optimistic about the energy sector and believes that the oil price forecast is too pessimistic. "If oil prices do not return to above $100, I would be surprised. The damage to the production side is more severe than the outside world perceives." In addition, although gold fell 7% year-on-year, hovering below $4000, Oakley believes that as the chasing funds gradually clear, gold prices, miners, and silver are expected to usher in a new round of market trends next year.