#市场流动性状况 Seeing the news that the Federal Reserve injected $16 billion in liquidity, I am reminded of a often overlooked truth: in times of abundant liquidity, it is often the most testing of one’s mindset.

Historically, every major liquidity injection has been accompanied by opportunities, but also risks. During last year's pandemic, I saw too many people lose rationality as liquidity pushed asset prices higher, leveraging up and going all-in, only to be forced to cut losses during the pullback. This time is different; institutions have already locked in positions in advance, and the chip structure is quietly changing.

My advice is simple: when liquidity is abundant and market sentiment is high, it is precisely the time to examine your positions. Ask yourself a few questions—Is my allocation reasonable? Have I reserved buffer space for possible volatility? Am I using leverage? If the answers make you uneasy, it’s a signal to adjust.

In the long run, whether it’s a short squeeze or a pullback, those who survive until the end are always those who stick to their bottom line and maintain discipline. No matter how abundant liquidity is, it cannot replace the importance of position management. This is not conservatism, but a responsible approach to your assets.