About bull and bear markets, one more thing: those who believed in cycles early on and acted on them made money and held onto it. The earlier you believe, the better. Of course, don’t get too greedy and blow up with leverage in the middle—that would be even better. A lot of people lose money because of all kinds of reckless moves (you know what I mean); many are too scared to sell, worried this time might be different, and end up riding the roller coaster over and over. There are also plenty of people who believe in cycles and want to act, but they get greedy for that last bit of profit and can’t bring themselves to sell. Then, when the market drops, they’re forced to hold on. Every time there’s a rebound, they can’t bear to sell, always hoping for a higher price, but it ends up going lower. Some even finally decide to sell, only to realize they sold at the bottom. Every time we enter a bear market, there’s always a lot of debate. There are all kinds of opinions, and the bears always get criticized. But when people look back, they regret not believing and acting when prices were high. Of course, we can’t say for sure what will happen. Everything is a matter of probability. After all, none of us have traveled through time, and we can’t know for certain what the future holds. But investing is always about probabilities—what you’re willing to believe has the higher chance, and then acting on it. Most importantly, we need to adjust our strategies in time based on how the market evolves. That’s the key.