But Bin said that the iron rule of the US stock market has never changed.

Nearly every year brings a pullback of more than 10%, which is the norm of market operation, not the end of risk.
Looking back over the past three years,
In August 2024, the yen rate hike triggered capital repatriation, and US stocks adjusted accordingly;
In March-April 2025, escalating trade frictions sparked panic sentiment, causing indices to dip; In February-March 2026, heating geopolitical conflicts in the Middle East stirred market turbulence again.
The three pullbacks had different triggers, yet jointly verified one fact: no bull market can escape the baptism of volatility.
Extending the time dimension, the S&P 500 index over decades has frequently experienced intra-year pullbacks exceeding 10%, yet long-term annualized returns remain solid.
Most of these fluctuations stem from geopolitical conflicts, policy shifts, trade frictions and other short-term noise. Although they appear to have strong impacts, they have never shaken the core trend of industrial upgrading. Just like the early days of the internet boom, bubble bursts and tightened regulation occurred frequently, yet could not stop the pace of technological revolution reshaping the world.
Today's artificial intelligence era is replicating this historical trajectory. As a new round of productivity revolution, the process of AI technology deployment, industry penetration, and profit realization is destined to be accompanied by valuation disagreements and emotional fluctuations.
Most investors fail because they are swept up by short-term noise, panic and exit during pullbacks, chase higher prices after recovery, and ultimately miss the opportunities of the era.
True long-term investing values penetrating volatility to see the essence. There's no need to be anxious about routine annual pullbacks; instead, they should be viewed as good opportunities to position in quality assets.
Ignoring short-term disruptions and holding steadfast to the core narrative of the AI revolution—this resolve to resist noise is the key to navigating cycles and seizing the dividend of the era.
Great eras are never smooth sailing. Only by believing in the long term and adhering to value can one become the ultimate winner.