First of all, and most importantly, domestic stocks have never actually received dividends. Even if the company is profitable, it is playing a number game such as dividend distribution, and the real cash profit will not be distributed to retail investors. This also determines that the domestic stock market is at most a zero-sum game for retail investors.
However, the issuance of new shares requires money, and every transaction must be taxed. Major shareholders should cash out when the stock price is high, and various bookmakers should manipulate the stock price to cut leeks. This is all about taking money from the stock market.
To sum up the above two points, unless a large number of new investors come to the stock market with hard-earned money in a short time. Otherwise, the total amount of money in the stock market is definitely decreasing, and it is greatly reduced. Just like in a market, not much new money comes in, but a lot of money is constantly taken away. How can retail investors without resources, information and means not lose money?
So anyone who talks about the stock market deliberately avoiding these essences and talking about technology and psychology is either really unable to see the essence of the problem or a stakeholder. It is difficult for this society to be a good person. Even Long Pingze, who sympathizes with retail investors and constantly updates the real information of each stock, is forced to change Weibo's name to related fields as much as possible, trying to make the name look irrelevant to the stock market, which shows how much pressure this society has to tell the truth.