Russell 2000 EPS is expected to grow by 67%, which feels a bit exaggerated, but I’m definitely more optimistic about the Russell 2000. As long as the growth comes from EPS, it’s real growth. On the other hand, factors like liquidity or rate cuts are secondary and worth being cautious about. Structural opportunities brought by new tech waves are everywhere. The evolution speed of tools like Claude will keep accelerating, with the marginal cost of developing software approaching zero. The monopoly of big companies will face intense challenges, creating opportunities for countless startups. At the same time, we’ll probably see three or four companies from the MEGA 7 fall behind this year. Their gross margins are being eaten up by energy and electricity costs. The infrastructure dividends that internet giants have enjoyed for over a decade are gone for good. Who would’ve thought that one day, power and mineral depreciation would show up so prominently on the balance sheets of big companies? A deeper restructuring is still underway. There are no outdated assets, only assets that don’t align with the development cycles of the times.