🧠 What does this mean? 1. Strong 'wait-and-see' emotion Investors did not invest their money in stocks, bonds, or other risky assets, but instead chose low-risk, highly liquid MMFs. This usually means that market uncertainty is high, and funds are temporarily parked in MMF waiting for opportunities. 2. A huge amount of "dry powder" is on standby These funds will eventually seek higher return investment opportunities. Once the macro environment becomes clear, such as interest rate cuts or economic stability, these funds may quickly flow into risky assets such as the stock market or real estate, driving up asset prices. That's why Bill Ackman said 'Bullish': he believes these funds will drive the market up in the future. 3. Closely related to monetary policy Currently, MMF yields are relatively high (due to the Federal Reserve maintaining high interest rates), attracting a large amount of funds. If the Federal Reserve starts cutting interest rates, the attractiveness of MMF will decrease and funds will be reallocated to higher return markets such as stocks, bonds, and cryptocurrencies. ⸻ ✅ In summary: The current MMF scale of $7.4 trillion means there is a large amount of capital waiting for opportunities in the market. Once the macro environment improves, these funds may quickly push up the prices of risky assets in the market. Therefore, Bill Ackman predicts that the future is * * "Bullish" * *.