What Is Most Expensive in Capital Markets? Certainty

What’s the most expensive thing in the capital market? Certainty.
So what’s certain right now? Retail investors will pull out. That’s a lock.
Even if retail investors make a little money in the market, they’ll cash out fast because they need to spend it—kids’ education, an apartment in a good school district, vacations, red envelopes during holidays. Everything costs money.
To them, even making 10,000 yuan in the market feels like free money, and that free money has real-world expenses waiting for it.
Do you pay rent? Utilities? Medical bills?
Yes, you do. Right?
So they sell. And when they sell, stock prices—so painstakingly pushed up—crash.

Stock prices aren’t held up by retail investors.

For small investors, money is the smile on their kid’s face during a family trip, the excitement when their wife buys a new bag, the contentment at a dinner with parents.
For big investors, money is just a number—literally just digits—with zero impact on their actual lifestyle. Whether it exists or not, rises or falls, they’re never going to upgrade to a four-star hotel when they’re out.
But once you get to institutions, their indifference goes even further.
Because it’s someone else’s money.

In terms of patience in trading, institutions are at least as patient—if not more—as big investors.