The reasoning is quite simple. After 2000, the overall valuation of the US stock market rose from about 15 PE to 20 PE, which is nothing more than a new tool: brought about by QE.

In a QE state, the stock market can indeed be higher, faster, and stronger. The problem is, what is the current state? High interest rates + inflation + recession expectations.

Can we expect Trump to pressure JP to cut interest rates? Trump is just playing a double act with him. In this situation, if JP dares to cut rates, the 10-year Treasury yield could surge to 5%, and then Bensent would be crying.

It still needs to break down before it can be rebuilt.

Real financial masters like Buffett are already prepared with cash, ready to acquire bloodied chips in the market, making profits either way.

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