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5️⃣ Commodities Crude oil depends on geopolitics and supply-demand. Industrial metals depend on the US dollar, global manufacturing, and Chinese demand. They are not the easiest assets for ordinary people to participate in. Even if the direction is right, volatility might be too high to hold. 6️⃣ US stocks US stocks are not cheap now. The long-term logic for AI, tech leaders, and semiconductors remains, but valuations are indeed high. Better to participate through dollar-cost averaging, phased buying, and buying on dips. Especially for assets like QQQ, SMH, VGT, the core is not guessing tomorrow’s price moves but whether the tech theme will persist over the next few years. 7️⃣ Crypto Crypto should also be viewed as a major asset class. During the rate cut expectation phase, BTC is often traded first as a "liquidity asset." When real easing begins, ETH, SOL, and some high-beta altcoins may become more active. But my simple advice for ordinary people is: BTC is a core asset; don’t treat it like an altcoin to speculate on. ETH and SOL can be seen as higher-risk growth assets. Altcoins are only suitable for small positions, not for betting your entire wealth. Stablecoin yields are not risk-free; you must consider platform, chain, custody, and counterparty risks. Avoid contract leverage as much as possible; rate cut trades are the easiest traps to get people liquidated. The scariest thing in crypto is not volatility, but thinking you can control volatility. My own understanding is: If the Fed only pauses, the market is still in a game. If rate cuts really come in the future, liquidity will widen. But the order of asset price rises may not be simultaneous. Expectations react first. Liquidity reacts next. Fundamentals react last. The best strategy for ordinary people is not to guess every round of asset rotation but to first understand their own risk tolerance. Conservative: bond funds + a small amount of gold. Balanced: bond funds as a base + gold + broad ETFs + a small amount of BTC. Rate cuts are not a starting gun, and a pause is not a bull market guarantee.