Let me add one more point. In the past, the US stock market experienced a broad-based rally. As long as you bought the dip of the giants, you were essentially picking up money, with the only cost being a bit of time.

But now, US dollar hegemony is over. Global capital is no longer flowing into US stocks, but rather to Europe, Japan, Hong Kong, precious metals, and even the A-share market. Big money no longer blindly believes in US stocks. US stocks don't have that much capital anymore; liquidity has dried up. Therefore, poorly performing stocks will just keep falling, and even if they occasionally bounce back, it's just a dead cat bounce. Haven't you seen Oracle, Adobe, NOW, Microsoft, Amazon, HOOD, COIN? Which one wasn't a former giant? Which one didn't have an unbeatable moat? But why can they just keep falling? On the contrary, the strong ones stay strong, like Coca-Cola, which can rise relentlessly for no apparent reason. For comparison, both are defensive stocks, but Berkshire is like a stray dog on the roadside, while Coca-Cola is the eternal god. Then look at the main themes: liquid cooling, defense, precious metals. Including memory storage, aren't their pullbacks relatively short, their take-offs relatively fast, and their rebounds relatively strong? But those old, tired stocks struggle to rebound even one or two percentage points, and then accelerate their decline again in a couple of days.