In the memoirs of a stock speculator, one of the things I remember most deeply is Livermore's approach to trading stocks:

"Raising prices is not for unloading, after all, most beginners are afraid to chase the rise;

Raising prices is to make stocks appear cheap during the decline, and many people prefer to buy at the bottom, so sell to them at this time."

Looking back at the chart after each bull market ends, I immediately understood.