The last time was 20 years ago, the epidemic crisis, the U.S. stock market was continuously circuit-breakered, a super crisis that we may only encounter once in our lifetime. As a result, the United States launched unlimited QE, which is very similar to China today - the translation is the same meaning: Don't be afraid, have confidence, I have unlimited bullets!

As a result, after 312, the currency circle, like the United States, started a crazy bull market that lasted for several years.

You can analyze the garbage of A-shares, and you can also notice that there are a lot of companies reducing their holdings. Many garbage companies will take the opportunity to reduce their holdings, etc., but I think looking at the big trend and looking at high-quality companies, this will be the second time we are lucky enough to see unlimited QE of a big country in our lifetime.