Why are retail investors always trapped? Please note the following facts: 1. Pension insurance cannot lose money; it must be profitable. 2. Major insurance companies cannot lose money; they must be profitable. 3. Brokerages cannot lose money; otherwise, the platform will collapse, and how can you play without a casino? 4. Company listings drain over one trillion yuan annually in recent years. A 100% increase in the secondary market adds another trillion yuan, half of which will no longer be invested. 5. Annual stamp duty of 200 billion yuan. 6. Private equity, public funds, and QFII funds generate a total profit of 200 billion yuan. 7. Retail investors (possibly less than 10%) are used as bait, generating 10 billion yuan annually. This is the drain. The inflows are: 1. Social security fund surplus. Decreasing. 2. Life insurance surplus, also decreasing. 3. Retail investor participation. The largest source. However, the 80s and 90s generation are drained, while their parents still have savings for medical expenses that cannot be touched. In short, the future of the stock market is becoming like the Hong Kong stock market. There will be countless penny stocks that no one cares about. Leading companies are driving the index sky-high.