Dan Bin said that the fundamental rules of the US stock market have never changed. Almost every year, there is a decline of more than 10%, which is a normal part of market operation rather than the end of risk. Looking back over the past three years: in August 2024, the yen interest rate hike triggered a capital outflow, causing US stocks to adjust accordingly; in March and April 2025, escalating trade frictions led to panic selling and a drop in the indices; in February and March 2026, increased geopolitical conflicts in the Middle East once again stirred market turbulence. Although the causes of these three pullbacks differed, they all confirmed one fact: no major bull market can avoid the test of volatility. When viewed over a longer time horizon, corrections of over 10% within a year in the S&P 500 over several decades are common, yet long-term annualized returns remain steady. Most of these fluctuations are driven by short-term noise such as geopolitical conflicts, policy shifts, and trade disputes. While they may seem intense, they have never shaken the core trend of industrial upgrading. Just as in the early days of the internet’s rise, despite frequent setbacks like bubbles bursting and regulatory tightening, these did not stop the technological revolution from reshaping the world. Today, in the era of artificial intelligence, this historical pattern is being replayed. As a new wave of productivity revolution, the process of AI technology deployment, industry integration, and profit realization is bound to be accompanied by valuation disagreements and emotional swings. Most investors fail because they are swept up in short-term noise, panicking and exiting during pullbacks, only to chase gains during recoveries, ultimately missing the opportunities of this era. True long-term investing requires seeing through volatility to understand the essence. There’s no need to worry about routine annual declines; instead, these should be viewed as prime opportunities to allocate assets to high-quality investments. By ignoring short-term disturbances and staying committed to the core of the AI revolution, this resilience against noise becomes the key to navigating cycles and capturing the era’s dividends. Great times are never smooth sailing; only by maintaining faith in the long term and adhering to value investing can one become the ultimate winner.