Don’t forget the market reaction after the last two cycles of interest rate hikes, especially what happened after 2000 and 2006. Against the background of the current U.S. banking crisis, U.S. stocks are showing a prominent feature: the concentration of the stock market continues to increase, and technology The ratio of market value of stocks to non-tech stocks has hit an all-time high.

Although there have been breakthroughs in the AI ​​field in the technology industry this year, and the balance sheets of large technology leaders are indeed relatively stable, the phenomenon of the market "width" being extremely compressed to a few stocks may imply a lot of investment The person’s “seeking stability” mentality. This deserves everyone’s vigilance. If the internal and external political and economic environment shows a clear downward trend, how much risk are we willing to take to pick up steel?