Yesterday I saw a new year reflection that hit hard:

"The best quarter of the 21st century has already passed, and the remaining three quarters are unlikely to reach the heights of the previous one."

Thinking about it carefully, it really hits home. We have already consumed the two most lucrative phases of internet dividends, blockchain has fallen from myth to reality, and the window for asset appreciation is getting narrower. This is not pessimism; it’s the truth felt after every cycle and every wave of market行情.

But what about the other side? Who can be sure that the next quarter will be worse? Sometimes, it’s precisely in the worst expectations that undervalued opportunities can be found. Since it’s impossible to be certain, rather than preemptively denying, it’s better to stay alert—see the trend clearly, manage expectations, and act when it’s time to act.