Remember how after 1011, many people were calling for a repeat of the big bull market after 312? One key factor back then was the combination of a black swan crash and an interest rate cut cycle ➤ massive deleveraging plus liquidity injection driving a huge rally. The result? No need to say more, everyone knows. Now that rate cut expectations have been significantly reduced, do these people still believe there will be a big bull market this year? Stick to it or give up? After all, it’s a matter of logical consistency. ps: The importance of adapting to the situation.