The third step of ordinary people's economic radar is to start understanding one thing: Asset prices do not move on their own, usually driven by the 'price of money'. Many people only observe the rise and fall of stocks, gold, Hong Kong stocks, and the Nasdaq when looking at the market. But the real source is often interest rates. If the yield of US Treasury bonds moves, global assets will be repriced accordingly. Because the yield of US Treasury bonds is essentially a reference frame for global funds, it determines the cost of money and also determines how much investors are willing to pay for future cash flows. When interest rates rise, valuations will be suppressed. When interest rates fall, risk assets are more likely to receive support. When inflation rises, the central bank tightens and asset volatility increases. When credit expands, the market is more willing to take risks. When credit contracts, funds will first seek a sense of security. That's why Nasdaq, gold, Hong Kong stocks, A-shares, and bonds all respond to the same message. It's not that they suddenly formed a mysterious connection, but that the funds are being recalculated. For example, as US bond yields rise, the pressure on tech growth stocks will increase, as a significant portion of their valuations come from future profits. Gold will also come under pressure in the short term, as the rise in real interest rates will increase the opportunity cost of holding gold. Hong Kong stocks and emerging markets will also be affected, as foreign risk appetite will decrease when the US dollar is strong and liquidity tightens. So what ordinary people need to learn at this stage is not 'which fund is more popular', but to first understand: Why does interest rate affect valuation? Why does inflation affect policies? Why does credit affect risk appetite? Why does exchange rate affect the flow of funds? Why do bonds often react earlier than stocks? After understanding this logic, proceed to the fourth step: funds, ETFs, and asset allocation. The most important change at this stage is that the problem will escalate. Previously asked: Can I buy this fund? Later, I asked: What role does this fund play in my portfolio? Cash is responsible for defense and opportunities. Bonds are responsible for stability and volatility hedging. Kuanji is responsible for long-term growth. Gold is responsible for hedging and currency credit hedging. Industry funds are responsible for theme flexibility. Overseas assets are responsible for diversifying single market risks. What ordinary people really need to establish is not a combination of "buying all the assets that have risen the best". But a combination that can survive in different environments. Looking at assets is not just about looking at their ups and downs; Look at combinations, not just individual items; When it comes to roles, it's not just about the rate of return. The core of this stage is one sentence: From 'what to buy' to 'how to match'.