There has been a persistent rumor in the market: if a certain regulatory official resigns in 2025, the bull market will return; if a central bank policymaker adjusts in 2026, the bull market will come back. This kind of narrative appears periodically, but everyone needs to stay alert.

Honestly, the logic of "just changing a person can make it take off" cannot withstand scrutiny. The cycles of bull and bear markets are influenced by multiple factors such as macroeconomic conditions, policy environment, and capital flows, and are not that simple. The real risk is—retail investors are often deeply attracted by these narratives, chasing highs again and again, only to get caught in the trap repeatedly.

In this cycle, retail investors' entrapment may exceed expectations. Staying rational is very important.