This is the difference between the U.S. stock market and the A-share market.

One is a market with sound rules and robust supervision, which is why its market capitalization is the largest in the world.

This reminds me of what former Singaporean Prime Minister Lee Hsien Loong once said: Thank you to the United Kingdom for leaving Singapore with a complete set of institutions.

I remember that one month after I started trading U.S. stocks, my friend told me the Nasdaq was too high. I told him: The U.S. stock market is a market with sound rules and robust supervision. In this market, if you lose money, you accept it willingly. If you lose money, it's truly due to a lack of personal ability.

The U.S. stock market also has fraudulent financial reports, but the cost of crime is high, like with Luckin Coffee. Compared to a market that just gives itself a slap on the wrist, retail investors have no protection whatsoever. I can believe that 20% of U.S. stock financial reports have issues, and I believe even more that over 80% of A-share financial reports have issues.

This is a two-way market; you can go long, or you can short sell. Compared to a one-way market where you can only buy for a rise, the survival ability of retail investors is much stronger.