Long bull is the result of the long-term evolution of a country's capital market.

The first generation of American companies (1850-1900) were mainly based on basic manufacturing, basic retail, and basic financial industries, such as Carnegie Steel, Esenco Mobil, Citibank, American Express, and Sears Department Store. Their typical characteristics are

Profit-oriented, scale-oriented, and extensive management; the second generation of enterprises (1900-1950), represented by high-end manufacturing and high-end retail industries, such as General Electric, 3M, Wal-Mart, and Ford Motor, has begun to emphasize refined management and began to have transcendence

Enterprise pursuit of profits; third-generation enterprises (1950-present) such as Microsoft, Apple, Amazon, Facebook, Intel... are typical knowledge-intensive enterprises. The management concept is user-oriented and emphasizes profits after satisfying user experience.

It’s a concept that comes naturally.

Each generation of American companies has absorbed the shortcomings of the previous generation and improved upon them. The cyclicality of their core business models has gradually weakened, their scale has gradually increased, and their profitability has increased step by step. This has contributed to the weakening of the cyclicality of the entire index.

Of course, this is also inseparable from a developed securities market system, complete supporting systems, laws and regulations, mature market participants, and a complete pricing system... Looking back at China, although we have the most complete industrial system in the world,

"Big", but still "not strong enough".

The entire capital market is dominated by first- and second-generation companies, which emphasize profits and scale. Although a considerable number of companies have matured in refined management, there are still a small number of truly user-oriented and knowledge-intensive companies, and full-market companies

The periodicity is still very high.