After investing for so long, I am increasingly seeing one thing clearly.

The switch between bull and bear markets ultimately boils down to a major transfer of wealth. There are no gains that come out of nowhere; where there are winners, there must be losers. The real horror of a bull market is not the decline, but the psychological coercion of "if you don't get on now, you'll never catch up."

Once you are driven by this emotion, all risk control rules and operational frameworks are completely forgotten. The only thing left in your mind is: this time is definitely different.

But ask yourself—has there ever been a time when it truly was different?

Ordinary people often miss opportunities not because of luck, but because they act too late. Bull markets are never about giving you a chance to chase highs; they are a stage for those who have already laid out their positions to cash in. The excitement definitely belongs to them, and if you rush in, you are most likely the one getting cut.

So my current motto is simple: the more explosive the market, the more you need to hold yourself back and watch the show. If you can't control that hand, no matter how many opportunities there are, they won't come to you.

Returning to the fundamental question—what exactly do ordinary people need to learn in such a cycle?