So far in this bull market, all the major participants have been making money. The most inexperienced retail investors aren't involved, so who is footing the bill?

1、In January this year, the national team sold down ETFs and made several hundred billion, putting the profits directly into their own pockets.
2、Quant funds have had very strong performance these past two years, with good excess returns—dominating the whole scene and making a lot of money.
3、Both public and private fund managers have also been continuously repairing net asset values these past two years; some even hit new highs and made money too.
4、Industrial capital, riding the bull market and the strong stock prices, has kept reducing holdings as well, and also put the proceeds into their own pockets.
5、Investors in convertible bonds at Jisilu also made a fortune, riding the momentum of the small-cap frenzy.
6、This time, the surrounding veteran stock traders also turned things around.
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In every prior bull market, there were “professional institutions” associated with retail investors to take the other side of the trade, but in this bull market, retail investors basically didn’t participate—and even actively managed funds are still continuously redeeming. So the question is: who is ultimately footing the bill?