$TENCENT(00700.HK)The stock market is currently in an awkward position. U.S. stocks keep hitting new highs, and the valuation of tech stocks has basically reached over 30, with many doubling from before, such as TSMC and NVIDIA. NVIDIA at over $120 makes many people hesitate due to fear of heights. To take a step back, how high can NVIDIA go? $140, $160? The upside isn't actually that high—the real high was when it multiplied several times before. In other words, the risk-reward ratio for NVIDIA and current U.S. stocks isn't as attractive, but the win rate is still high. In contrast, Chinese concept stocks have fallen too much, and due to well-known reasons, their win rate has been relatively low, but the risk-reward ratio is higher because many individual stocks have plummeted from their peaks, and the further they fall, the higher the risk-reward ratio. It all depends on how you choose or allocate between win rate and risk-reward ratio.