Heavy Doubts, Yet Becoming the Catalyst Driving the Global Bull Market Upward

As is well known, the trend of a bull market is like climbing the “Wall of Worry”—when the market’s widespread concerns are gradually disproven, the stock market rises accordingly. The subsequent relief and better-than-expected performance further boost stock prices. Today, this “Wall of Worry” still stands tall, and the bull market is still in its early stages. How can we tell? Just look at the tepid reactions to my 2026 bull market forecast. These voices are all the same: “That said, but…” But how should we interpret the situation in Iran? How should we explain the valuation bubble? How should we respond to Trump’s tariff threats? Isn’t this bull market already coming to an end?

The repeated “but” precisely indicates that the “Wall of Worry” that this bull market needs to climb over is still high. Now, let’s address these doubts one by one.

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