I believe the biggest difference between this bull market and the previous one lies in whether or not money printing is occurring. The massive burden of U.S. Treasuries has already forced Ms. Bessent to deviate from her usual approach; when the Treasury can no longer bail things out, the Fed will inevitably step in to provide support. If the previous balance sheet contraction bull market seemed underwhelming, this一轮 balance sheet expansion bull market will surely leave people stunned. Combined with the early end of the correction, most cycle theorists have missed the move entirely, inevitably triggering extreme FOMO sentiment.