$BABA-W(09988.HK) Yesterday's U.S. market close: The S&P 500 index closed above 7,000 points for the first time, joining the Nasdaq in setting new all-time highs! Tesla surged nearly 8%. Today's A-shares and Hong Kong stocks were, of course, also exceptionally vibrant, with market sentiment boiling over.

On the other side of the globe, a game of survival and destruction is playing out in the Middle East. The smoke of the U.S.-Iran conflict has not yet dissipated, and the blockade and counter-blockade of the Strait of Hormuz hang like a sword of Damocles over the global energy artery. However, in the trading halls of Wall Street, a staggering scene is unfolding: the Nasdaq and S&P 500 indices seem to have activated a "one-way shield" mode, isolating the geopolitical turmoil outside the candlestick charts. Not only have they recovered all losses since the outbreak of hostilities, but they have also been on a tear, continuously hitting new all-time highs.

Faced with this "counter-intuitive" surge, many retail investors are torn. On one side is the tense war clouds in the news, instinctively causing fear and a desire to go to cash for safety. On the other side are the constantly flashing red numbers in their accounts, tempting them to go all in. At this critical moment, we must soberly recognize a brutal market iron law: the risk in stocks is often created by the rise itself.

When indices not only fail to fall but surge amidst war, it means the market has already priced in future expectations, front-loading the so-called "peace dividend." The rise at this point is no longer a return to value, but a bubble of sentiment. For ordinary investors, overcoming fear is not difficult; what's difficult is resisting greed when everyone is celebrating.

We must think like a cheetah, not releasing the eagle until we see the rabbit, ensuring every move is precise. In the current environment of high index levels and unclear geopolitical situations, we must neither exit completely out of fear and miss opportunities, nor gamble with full positions out of greed. The correct posture should be "leaving room." Maintaining a portion of cash is like a cheetah reserving space to catch its breath after a sprint. This room is your lifebuoy for dealing with sudden "black swan" events and the ammunition you need to calmly buy the dip when the market truly corrects. The market never lacks opportunities; what's lacking is the capital to survive.

Yuan Fang, what's your take?