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A shares, why didn't the bull market in 2008 15 exceed the index?
There are three reasons why the bull market of 15 did not last more than 2008:

First, because of macroeconomic reasons, the economy was upward and 15 was downward;

Second, there is the risk of financing inside and outside the market, because deleveraging and fund-raising directly led to the stock market crash;

Third, 15, stock index futures can be short, and in 2008, only long stocks can be made.