Currently, global stock markets are all at high levels, appearing prosperous, but for seasoned investors, this is not a sign of ease~

When most indices are simultaneously in their historical high zones, it indicates that the trend has been running for a relatively long cycle, marginal buying is beginning to decline, and risks are quietly accumulating. The more synchronized the rise, the stronger the market's dependence on positive news. Once expectations loosen, volatility often amplifies exponentially.
From a cyclical perspective, high levels are never where risks appear, but rather where risks are "ignored." When everyone is making money, defensive awareness is usually at its lowest, which is precisely the most dangerous phase of the market...
A lively market does not mean safety~