Institutions are always a step behind; by the time their research reports come out, the gains are already gone. Independent research is the real moat; listening to too much noise will only get you cut. Examples like SIVE and RKLB are very typical—retail investors believe first, institutions buy later, and in the end, retail investors are left holding the bag? This cycle needs to be played in reverse.

"White-Haired Stock God" Serenity pointed out that in a new technology cycle, retail investors lead first, followed by institutions increasing their holdings and dominating pricing; taking SIVE, NBIS, and RKLB as examples, initial institutional holdings are low, and after continuous accumulation, the stock prices hit new highs. The current negative voices in the US stock market may be related to institutions replenishing their positions and liquidity needs, with sell-side research reports often appearing during the accumulation phase. Investors should conduct independent research and not be swayed by noise. The essence of the modern liquidity cycle is the transfer of assets from retail investors to institutions, which may not be beneficial to retail investors.