When the economy shows no obvious signs of improvement and growth momentum struggles to meet expectations, traditional financial assets find themselves in a dilemma. Listed companies' quarterly financial reports frequently hit snags, and investors lose confidence in the fundamentals, naturally withdrawing funds from sectors that rely on economic performance.

Interestingly, the funds that were scared out of these assets did not exit the market entirely, but instead began "speculating" on another type of asset—those that completely ignore financial reports and are almost decoupled from macroeconomic conditions. What do these assets have in common? Vague valuation systems, unclear growth logic, yet they continue to attract capital one after another.

Funds rotate between two bubbles, running from a burst bubble to the next expanding bubble. In this process, fundamental analysis and valuation logic seem out of place—because no one really cares about these things. This perhaps reflects the market's true mindset during periods of economic uncertainty: when certainty cannot be found, betting on probabilities becomes the norm.