《These 18 Years, the Tragic Chinese Generation of Investors》I am a witness to these 18 years! This clipping from the "Southern Metropolis Daily" reads "Shanghai Index Breaks Through 6000 Points," which I've kept for 18 years! From 2007 to March 2026, major global stock markets have staged a cruel tale of two extremes.

In October 2007, the Shanghai Composite Index surged to a historic peak of 6124 points. Today it hovers around 3870-3950 points, with cumulative losses still approaching -35% or deeper. Excluding China, virtually every other country's major index has recorded astonishing returns: the US Dow Jones surged 210%-220%, Japan's Nikkei 225 skyrocketed 280%-300%, India's Sensex soared 380%-420%, Germany's DAX and Sweden's OMXS30 and other developed markets have Generally doubled or more. South Korea, Switzerland, France and most other indices have seen gains between 150%-250%. In a nutshell: for these 18 years, except for mainland China, buying stocks from virtually any major country would have basically made money, even multiplying wealth several times over. Only the A-share market became the most tragic exception globally!!! These 18 years, China's stock market not only completely missed the super bull market sweeping globally, but rather plunged tens of millions of ordinary retail investors into the mire, with total losses. Many people have since directly equated the four words "stock investment" with "gambling," completely lost faith in the capital market, and completely given up hope on achieving wealth growth through legitimate channels. These 18 years have witnessed the frenzied redistribution of global wealth, and also reflected the cruelest dream-shattering of a Chinese generation of investors: others are celebrating, we are weeping. This is the tragic Chinese generation of investors.