I scrolled through X for a while and saw a bunch of people talking about A-shares, talking about 6% dividend yields, saying "it's time to buy."

My takeaway after reading: a lot of people aren't investing, they're just looking for reasons to pull the trigger.

A 6% dividend yield sounds nice, but it's essentially just a stock price decline priced in. You get the dividend, but you bear the re-pricing risk.

More importantly, most people don't actually have a clear standard for "when it's okay to buy." The process goes: see something cheap → find a justification → draw a conclusion. The whole thing is backwards.

My approach now is very simple: I don't buy—not because I'm certain it'll fall further, but because I haven't seen evidence that "it won't fall."

Specifically concrete things like: Has profit margin actually stabilized? Is there measurable continuous improvement? Has the industry shown signs of cooling down?

Until these things appear, all that "high dividend yield" and "low valuation" talk is essentially just emotional comfort.

A lot of people think they're waiting for an opportunity, when really they just haven't clearly defined what they're actually waiting for.

These are two completely different things.