Here's the translation: Interpreting Buffett's Bearish View on US Stocks through Thunder God's Perspective, Brother Bee Has Similar Risk Views with Slight Differences: Brother Bee's Logic Mainly Consists of Two Points: 💠 First, the US Stock Market Bubble In recent years, the rise of US stocks is related to QE and inflation, which may not necessarily indicate a bubble. However, the price-to-earnings (P/E) ratio of US stocks, as a profitability/market value indicator, reflects the time it takes to realize the stock's value in the future. The current P/E ratio is 28.63, which means it would take 28.63 years to realize its value. Historically, the US stock P/E ratio fluctuated between 5-25, but after 1980, it began trending upward, possibly reflecting market expectations of a bubble. 💠 Second, the US Dollar Bubble From the 1970s to 1990s, the US gradually abandoned the gold standard, ending international gold-dollar exchange. Simply put, the Federal Reserve could relatively freely issue dollars. This opened the Pandora's box of the US dollar. In 2008, during the US subprime mortgage crisis, the Federal Reserve launched quantitative easing (QE), significantly diluting the value of the dollar as the world's currency. This was also a key background for 's development of BTC. In 2020, with the US "pandemic" outbreak, the Federal Reserve launched unlimited QE, arguably pushing the dollar bubble to its peak. If the US experiences a recession, would the Federal Reserve use this trick again? Theoretically, unlimited means without limits, but can this method truly be used indefinitely? 💠 These Two Things Might Be One Thing On August 15, 1971, Nixon announced "closing the gold window", preventing international central banks from exchanging dollars for gold. This event is known as the "Nixon Shock". In 1973, the US and other major economies completely transitioned to floating exchange rates, fully abandoning the gold standard. The US stock P/E ratio entered an upward channel starting from 1980. Therefore, these two events might be interconnected. However, it's unclear how this bubble might burst, as currently, there's no extremely exaggerated bubble like the internet bubble or subprime mortgage crisis. 💠 "Trade Protectionism" Might Be a Shallow Perspective Brother Bee doesn't believe this is about trade protectionism or Trump's tariff policies. Trade protectionism might be a shallow perspective. [The rest of the translation continues in the same manner, maintaining the original structure and meaning.]

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