Please note that the term "compressed deleveraging" and most of the content in the first part of the article come from "Bayesian Beauty." The second and third parts are personal reflections. It just so happens that I was also thinking yesterday that this round of deleveraging is not caused by macroeconomic or fundamental issues; it is consistent with what I said in mid-June: when positions and leverage are high, any disturbance in the industry can easily trigger a deleveraging move. Bayesian Beauty's concept of "compressed deleveraging" is more vivid and its analysis more in-depth. Attribution is required.