# 熊市生存法则

I have a retail investor friend who fully sold off his holdings during the U.S. stock market circuit breaker in March 2020.
Three months later, he watched in disbelief as those stocks he sold tripled in value.
Later, he said something I’ve always remembered: "It’s not the market that defeated me, it’s me who defeated myself."
Every investor who has experienced bull and bear markets has a story of wanting to delete their account.
The key is not avoiding every decline, but having cards to play when the market drops.
So, is this circuit breaker a pullback to gather strength or a risk wa