Why do voices of "this time is different" appear frequently in the investment market?
Macro laws are like towering mountains, relatively stable, and their changes are extremely slow.
Micro laws are like a lively stream, always in a state of change, flowing continuously and changing course. The continuous changes in the micro level are quietly accumulating energy. Once a certain critical point is reached,
it will cause a qualitative change like a volcanic eruption. This sudden change is difficult to predict in advance, like a reef hidden in the depths of the mind, making it very easy for the ship of rational judgment to run aground.
Many investors are deeply trapped in it and cannot extricate themselves, unable to transcend their own limitations to see the overall situation.
Some investors are bound by the huge influence of macro laws, only focusing on the macro trend, and are completely unaware of the subtle changes at the micro level, just like seeing only the vast land in a dense forest, but ignoring the new buds quietly sprouting under their feet.
Another group of investors are lost in the complicated details of the microscopic world, immersed in it and unable to extricate themselves, completely forgetting the overall operating framework of the macro world, just like focusing on only a twinkling star in the vast starry sky, but ignoring the grand pattern of the entire galaxy.
