The crypto currently corresponds to the middle and late stages of the second stage of major development of the U.S. stock market and the eve of the third stage of compliance. The first period: the end of the 18th century to 1886, the initial development of the U.S. stock market. The second period: 1886 to 1929, the United States. The stock market is in a stage of rapid development, but market manipulation and insider trading are serious, speculation dominates, and investment ideas have initially developed. The third period: 1929-1959, the U.S. stock market entered a period of standardized development, and the stock market entered the investment era in a real sense. Value investing was the mainstream investment thought in this period. The fourth period: 1954-present, institutional investors have rapidly development, the U.S. stock market has entered the modern investment era. The above is excerpted from "Looking Back at the 200 Years of Development of the U.S. Stock Market" by Xueqiu Bashu Breeding Farm From a chronological point of view, Livermore rose to prominence in 1990, went bankrupt for the fourth time in 1934, and suffered from deep depression. According to Teacher Meng Yan, the current crypto corresponds to the second period of the development history of the US stock market, the eve of the third stage of compliance; the external manifestation of compliance development is the high degree of specialization of the investment crowd, while the core is the gradual increase of chips Being highly concentrated, the stakeholders are more fixed, so obtaining alpha requires higher-dimensional information differences and resource differences; In 1933, the first "Securities Law of 1933" was promulgated, and subsequent laws and regulations on the securities trading market emerged one after another, and the securities market gradually moved toward formal operation; at this time, the method of simply judging by K-lines and trends has gradually become ineffective, and the market pays more attention to the exploration of value differences. , the so-called price investment; in the process of market rhythm transformation, even in the second year after the promulgation of the Securities Law, Livermore was not immune. After the speculative logic he summarized throughout his life failed to resonate with the market, he felt powerless. In 1934 it turned into a gunshot; Looking back at the crypto, the adoption of ETFs is a shadow of compliance. Although U.S. stocks were first compliant and then passed ETFs decades later, the core of ETFs and compliance is the same, and retail investment is more difficult; However, in the early stages of compliance, a certain market will still follow the inertia of the past for a period of time. This also corresponds to the current trends in the crypto and hot speculation. Huge profits can still be made, but what is 100% certain is that this is not a crypto. The final manifestation of circle investment, the transformation from the second stage of retail investors to the third stage of professionalization, will always come. So treat every day now as the last day of the second stage carnival, perhaps the last cycle that ordinary people in the crypto can grasp. In this cycle, the funds in the crypto will be particularly valuable and precious; although we don’t have guns, we also Wouldn't want to follow Livermore's footsteps any other way.