Wu Shuo learned that Bridgewater Associates founder Ray Dalio stated in his 2025 annual review that the 2026 U.S. midterm elections could trigger significant political changes, with the Republican Party potentially losing seats in both the Senate and the House of Representatives. The current favorable policies are likely to reverse. Tax, regulatory, and policy aspects could begin to put pressure on corporate profits. He pointed out that the depreciation of the dollar is not just short-term volatility but a long-term structural trend, and real returns will be consistently lower than non-dollar assets such as gold and the RMB. Regarding the rise of U.S. stocks, Dalio believes this rally is mainly supported by a few large companies in the AI sector. While these companies are indeed profitable and not part of a false internet bubble, the problem is that current valuations already reflect future expectations.