Only valuation, no prediction. For example, Moutai, when it was 1200, the dividend interest was about 2.5%. If it really fell to 600, it would be more attractive than government bonds. This is a valuable enterprise in itself. Is 1700 high now? From the perspective of asset allocation of large institutions and global asset allocation, it is not bad.

But now it is no longer asset allocation, but countless Chinese retail investors are waiting to enter the market. Their money is stupid money, and they have no risk, valuation and crisis awareness at all - just look at the development of the housing market in recent years. The more it rises, the more people will take over.

So, I think the current stock market is just the beginning of the frenzy