The U.S. stock market has a higher capital gains tax compared to our country, especially for large individual profits. This indirectly leads to the fact that if you really engage in active trading in the U.S. stock market, you face a significant amount of tax costs, making it easier to just buy actively managed funds. On the other hand, the most suitable stocks for retail investors to actively purchase are high-dividend stocks, choosing some century-old companies that only pay dividend taxes each year, while the remaining amount can be withdrawn for consumption, avoiding taxes on fluctuations.

PS: Currently, there are also many rumors about U.S. stock traders possibly being required to pay taxes, which is difficult to assess. However, for those with large profits, especially those that are significantly repatriated, this risk should not be underestimated.

PS: The capital gains tax on Hong Kong stocks is also quite unpleasant, directly leading to the long-term existence of A-H premium. For A-shares, holding for one year exempts dividend taxes. Retail investors do not pay taxes regardless of how much they earn from active trading. (This is why the threshold is low, and everyone messes around, leading to major losses...)