A bull market that kills all?

Discussions about bull markets are always controversial. Some people believe that without the participation of retail investors, the market cannot form a bull market atmosphere. However, others believe that the bull market often comes after retail investors have experienced painful liquidation, because only when retail investors feel desperate and exit the market can the market usher in a turnaround.

My personal view is more inclined to the latter. After many market ups and downs, I have observed that the bull market often begins to brew after retail investors leave the market. This feeling of despair can only be deeply understood by retail investors who have experienced it personally.

The market does attract new investors to join in the bull market, but this usually does not happen at the lowest point of the market. When the market index climbs to a high level again, such as 70,000, 80,000 or 100,000, more people will naturally be attracted by the bull market craze and enter the market to participate in investment and take over. So this is a war of attrition. Whoever has more bullets and whoever lasts longer will be the winner.