Those who subjectively believe that there will be a sharp decline before the start of the bull market can basically be said to be suffering from the sequelae of the 312 Incident. Not to mention that the reason for 312 was the global panic caused by the outbreak of the new crown epidemic. You must know that at that time, the US stock market fell to the limit four times in a row. This was the first time for even Buffett to encounter it. It was a once-in-a-century black swan event. Of course, the pie was huge. Inevitable collapse.