“Most people don’t lose money in panic. They lose it after relief.”

The most dangerous time in the market is often not during a sharp decline.
But when everyone starts to believe the risk has passed.
Recently, after the news of Anthropic's IPO came out, I noticed a familiar emotion returning, not about researching value, but about whether it’s still worth chasing.
The latest funding valuation has reached $965 billion.
Just one step away from one trillion dollars.