In today's stock market, whether it's A-shares, Korean stocks, Japanese stocks, or U.S. stocks, if you act rationally at all, you'll lose so much you'll doubt life itself. If you ever express a rational opinion, you'll be torn apart by the little bros.

"Ningquan Capital," which missed the tech rally while buying into old-economy stocks and lost money, shared its views on the current A-share tech frenzy, only to get absolutely shredded in the comments.

Ningquan Capital said: A large number of hot A-share stocks are highly likely to drop by 80% or even 90% in the future, and we no longer dare to participate. Because we don't have the ability to pluck chestnuts from the fire and still walk away unscathed; taking such risks would be irresponsible to our investors. With quantitative funds accounting for an ever-growing share of the market, and the rapid information dissemination enabled by the internet, it's actually hard to predict in what form and at what speed a future collapse might occur. Given the current level of bubble and this kind of frantic divergence, we worry that the point of collapse may not be far off. Moreover, a stock price collapse doesn't even need to wait for demand growth to slow down or a massive supply surge; simply excessive price overextension is enough to trigger a crash.

I think what they said is quite rational, except I disagree with "the point of collapse may not be far off." I agree with everything else.

This is a tech bull market unseen in a decade, and it will also be an epic tech bubble unseen in a decade. No one can predict when this bubble will burst, so I can't agree with the statement that "the point of collapse is not far off."

Their comment section: "Why bother looking at what a loser who loses money has to say? Shorting and bearish bets show real skill; otherwise, they're just talking nonsense." This is exactly what gamblers look like when they're losing badly and going crazy.

There are many similar comments, all full of mockery and disdain. This reminds me of what physicist Isaac Newton said after losing 10 years' worth of salary speculating on the South Sea Company bubble burst: "I can calculate the motions of celestial bodies, but not the madness of people."

Newton's words, even today, have lost none of their value. #0成本拿2股SK海力士