#分享美股交易赢英伟达股票

Why can the U.S. stock market sustain a long-term bull run? The core reasons are nothing more than these points

Yesterday, I talked about the long-term bull market in U.S. stocks—don't short it. Today, let's discuss why the U.S. stock market is so bullish.

The most fundamental support comes from a continuous flow of long-term incremental funds. The U.S. pension system is deeply integrated with the capital markets. Mainstream retirement investments like 401K plans and Individual Retirement Accounts (IRAs) are essentially an "automatic long" mechanism: every month, a portion is automatically deducted from wages and invested in the stock market. Regardless of market rises or falls, stable capital flows in. These funds seek long-term returns and won't collectively flee due to short-term crashes, acting like a "stabilizer" for the market. Plus, since the dollar is the global reserve currency, whenever global risks emerge, funds tend to hide in U.S. stocks. When prices fall, there's always someone to buy the dip.

Second, companies themselves "push up stock prices." U.S. listed companies often buy back their shares, using profits to cancel out shares. When shares decrease, earnings per share increase, naturally driving stock prices higher. By 2025, the scale of buybacks by U.S. companies has exceeded one trillion dollars. With the Federal Reserve cutting interest rates, borrowing costs are even lower, leading to more buybacks. Coupled with stable dividends, investors receive dividends and buy more stocks, creating a positive feedback loop.

Third, the index itself "self-updates." The core U.S. stock indices are not static; they periodically remove declining old companies and add emerging high-growth leaders. Decades ago, indices were full of steel and railway companies; now, they are dominated by tech giants like Apple and NVIDIA, always holding assets with the highest growth potential, naturally allowing continuous appreciation.

Finally, a mature market ecosystem also safeguards the long bull run. U.S. markets have long been deeply institutionalized, with retail investors holding a small proportion. Professional institutions lead pricing, making emotional speculative frenzies on junk stocks rare, resulting in a more stable overall trend. Additionally, a well-developed delisting system quickly clears out bad companies, preventing "bad money driving out good," ensuring market funds stay focused on high-quality leaders, supporting a slow and steady bull trend.

Of course, the U.S. stock market is not always rising. Historically, it has experienced declines of over 50%. The current AI-driven rally, overly concentrated, has led to a "narrow bull market," prompting many institutions to warn of potential corrections. But it cannot be denied that this comprehensive system—from capital supply and corporate behavior to institutional design—has indeed supported decades of long-term growth in U.S. stocks. I really hope that our struggling A-shares, which took years to reach 4,000 points, can learn a thing or two from the U.S. market!