Investing isn't about "the bigger the waves, the more expensive the fish," but rather "fish where there are fewer people and more fish." When liquidity is clearly retreating, watch and act. A common sentiment is that people either feel they haven't earned enough or haven't earned enough. As the market turns from good to bad, they become increasingly aggressive, resulting in a high probability of drawdowns and losses. Protect your principal, participate more in new stock issuance and wealth management, and patiently wait for opportunities. Victory in both easy and hard mode is still a victory.