JP Morgan Chase strategist states that the stock market implies an 85% probability of a recession in the USA; US mortgage rates reach 5.78%, the highest level since 2008; the Bank of England raises interest rates for the fifth consecutive time, hinting at possibly taking stronger actions. In terms of the energy market dynamics, natural gas prices in Europe soar, with Russia cutting supply leading to an escalation of the energy crisis; Russian Deputy Prime Minister Novak says there is no need to cut oil production in response to the EU's sanctions.

1. ETF arbitrage trading is a legal and compliant market business in the past, present, and future. Currently, there are many private equity funds or individuals engaged in such transactions. The mechanism is very simple, which is to provide liquidity to the market and earn the difference between the real-time price and the net asset value of the ETF.
2. Due to the redemption mechanism of ETF, which is similar to T+0 trading for individual stocks, it is possible to trade unlimited times within a day. The profit for each trade within a day, week, or month may not be much, but it can accumulate over time. Moreover, if you can strictly follow the basic rules, such as real-time hedging, not determining or even predicting the market trend of the next second, the probability of losing money is very low.
3. ETF arbitrage traders are typical market 'risk-averse' individuals, and their biggest characteristic is not gambling. Therefore, they are definitely not the 'speculators' in the minds of many people who understand or not, and it seems inappropriate to call them 'investors'. Some people jokingly call themselves 'scavengers' who gain stable positive returns by picking up the discarded silver coins in the market through their hard work.

Received, the market is still in a downturn.

Do not lament your luck like a woman. If you have not been favored by fate in the first and second chances, you can still find the reasons for failure and win in the third chance. Do not spend more time with your wife or stay at your mother's house. Men are not born for comfort.

1. Compound interest creates miracles.
2. Although everyone wants to get rich overnight, it is difficult to truly improve the rate of return. Be content with reality and find ways to extend the compounding effect over time.
3. By holding broad-based index funds in the long term, you can achieve a rate of return that surpasses inflation and most investors.
4. It is extremely rare for long-term returns to outperform the market. Open and credible records show that only Warren Buffett and some followers of value investing like Graham's disciples have achieved this.
Even if the long-term yield can outperform the market, it still inevitably experiences huge fluctuations in the short term.
Although value investing is slow, it is the only certain method that can guide you to the finish line.

The main reasons why large funds have not outperformed the index include:
1. Collective decision-making. When everyone participates in investment decisions, only average results can be achieved, making it impossible to achieve excellence; 2. Herd mentality. Following the crowd, maintaining similar investment portfolios to other large institutions; 3. Institutional constraints. The consequence of fund managers acting independently is that if they make a profit, they don't benefit much, and if they incur losses, they have to take responsibility, so it is better to adhere to the mean; 4. Diversification of investments. Not concentrating investments in quality assets will inevitably lower the yield; 5. Inertia.

No industry progresses in a straight line, but rather progresses along a 'double S-curve'. The gap between the two S-curves represents a leap in technology development, and whether or not a company can cross this discontinuity is critical to its survival.

Pursuing the best things is a kind of pure knowledge pursuit, just like clouds, even if they are beautiful, they don't know why they are so beautiful. Dark clouds cover the sun, but they don't know why they want to cover the sun.

On luxury cruises, rooms with artificial windows cost around $20,000 a week. For a long time,DisneyLuxury cruises have always had two types of guest rooms, one with a window and one without a window. The one with a window is cheaper. Those without windows, but those with artificial windows are more expensive. Not having a window is not bad; on the contrary, it's better. Actually, it's just a matter of trade-off. The architect who criticized me is a wooden head, has no knack at all, and is definitely not saved. When it comes to architectural design, of course, there are trade-offs.
In order to leave more space for interaction, and to make it easier for teachers and students from different majors to learn from each other, we abandoned the windows in some rooms. Abandoning the windows in some rooms, our dormitory can accommodate more students, and our dormitory can provide plenty of public space for communication.
Some rooms don't have windows, but the air is very fresh, and we designed artificial windows to perfectly simulate the effects of sunlight exposure.

As Kipling said in his poem, "they are all illusions." There is day and night. Is there anything you can't stand? No. Sometimes it's night, sometimes it's day. Sometimes it's a boom, sometimes it's a recession. I always believe that I should try my best and persevere to the end.