This is not inconsistent with the previous mention that risk factors accumulate and positions should be reduced.

Macro uncertainty (tariff + doge + immigrant) may lead to black swans. However, this is an unpredictable small probability. In terms of existing position configuration, the risk-return of software is better than that of chips.

Learn to respect the market. The first thing is to realize that you can only observe the environment and never be smart enough to predict random events and trends.

The current market position is not as light as in August, and various risk factors are accumulating. Therefore, if it is adjusted, it will not rebound so quickly.

Let's make a score: Compared with August, there are more dry firewood piled on the ground. Although I don't know if lightning will strike and when it will strike, I know that if it strikes, the wildfire will be much more fierce.