Market cycles are often driven by sentiment: during the skepticism phase, few people pay attention; during the optimism phase, capital flows in; during the euphoria phase, the stories are the most compelling; and only in the withdrawal phase do you realize the leverage and valuations are too high. The focus of cycle education isn’t to guess the top or the bottom, but to identify where your emotions place you: when everyone is only talking about getting rich, risk is often building; when high-quality assets are ignored, opportunities begin to appear. #市场周期 #Investment Education