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The fluctuations of the US stock market often trigger the nerves of global investors. Every major adjustment is not a sudden attack but has its clues. When the Dow Jones Industrial Average, Nasdaq Composite, and S&P 500 experience deep corrections, what market signals are hidden behind them? How should investors respond rationally?
Historical Reflection: Two Profound Lessons from Major US Stock Market Crashes
To understand today's sharp decline in the US stock market, it is helpful to review two of the most representative historical moments.
Impact of the 2008 Financial Crisis
In 2008, the collapse of the subprime mortgage market triggered an earthquake in the global financial system. From the end of 2007 to the end of 2008, the Dow Jones Industrial Average fell by over 33%, and the Nasdaq Composite dropped more than 40%. This crisis was caused by excessive leverage and risk accumulation in financial institutions, leading to a global credit crunch and economic recession.
Speed and Magnitude of the 2020 Pandemic Shock
Only a year ago, the market experienced a rapid and significant downturn due to the COVID-19 pandemic, which...

When investing in stocks, the Price-to-Earnings ratio is a core valuation tool that must be understood. Many investors still have some confusion about the "meaning of the P/E ratio" and don't know how to use this indicator to judge a stock's true value. In fact, the P/E ratio is not mysterious; once you understand its principles and calculation method, even beginners can quickly get started.
Meaning of the P/E ratio: Understand this key indicator in one sentence
The P/E ratio (PE or PER) simply indicates: how many years it will take to recover your investment through the company's earnings.
From another perspective, the P/E ratio is a measure of whether a stock is "expensive or cheap." For example, if a stock has a P/E ratio of 15, it means that it would take 15 years for the company to earn enough to match its current market value, or in other words, you need 15 years to recoup your investment through the company's profits.
The P/E ratio is also called the Price-to-Earnings ratio and is the most common valuation method in the stock market. It can tell investors, at this moment,

The Essence of Futures—Lock in Future Prices
The term "futures" may sound mysterious, but its origins are quite simple. During the agricultural society era, farmers faced a core dilemma: price uncertainty—selling grains cheaply during bumper harvests and struggling to find high prices during poor yields. To hedge against this risk, merchants created an agreement: to decide today the trading price and quantity for a future date. This was the prototype of futures.
In modern times, futures have evolved into a type of derivative financial contract. Its key feature is: two parties sign an agreement to buy or sell a specific quantity of an underlying asset at a predetermined price on a future date. The underlying asset can be commodities (oil, gold, agricultural products) or financial assets (stock indices, exchange rates, bonds).
The Core Difference Between Futures and Spot
Before understanding futures, it is essential to distinguish it from spot trading. These two differ in terms of capital investment, delivery method, and trading

ADR Quick Start Guide
American Depositary Receipts (ADRs) are an important tool for foreign companies to enter the U.S. stock market. In simple terms, when overseas companies want to trade in the U.S., they do so by issuing ADRs—American depositary banks convert foreign stocks into ADR certificates, allowing investors to trade them just like regular U.S. stocks.
What does this mean for investors? You can buy and sell these foreign companies' stocks directly on Nasdaq, NYSE, or over-the-counter markets without having to open an account locally or exchange currency. However, you should also be aware of liquidity risks, exchange rate fluctuations, and regulatory differences among ADR levels.
How do ADRs work? A Deep Dive into the Issuance Mechanism
Foreign companies deposit their local stocks with a U.S. depositary bank, which then issues corresponding ADR certificates. This way, the stocks can circulate in the U.S. market.
Taking TSMC (TSM.US), a leading enterprise, as an example, it is listed in Taiwan

Policy Signals Behind the Sudden Exchange Rate Shift
On December 23, the USD/JPY exchange rate experienced a significant rebound, breaking through the 156 level. The catalyst came from a firm stance from Japan's financial authorities—Finance Minister Shunichi Suzuki stated that he has the authority for "bold actions," followed by Deputy Finance Minister Masamura Jun, who emphasized that the government will take appropriate measures against excessive volatility. The market responded immediately; the previously rising dollar came under pressure, and the yen reversed its depreciation trend.
Looking back less than a week, after the dovish rate hike news from the Bank of Japan, the USD/JPY once surged to a high of 157.76. The intensive statements from government officials broke this upward momentum, indicating that authorities have limited tolerance for excessive yen depreciation.
Has the intervention window truly arrived?
Regarding when the government will actually step into the market, opinions are divided. StoneX analyst believes that if Japanese authorities do intervene, the period from Christmas to New Year, when liquidity is scarce, might actually allow

New Year First Week Market Rhythm: Short-term Volatility Struggles to Break 90,000 Level
Entering the first week of 2026, Bitcoin against the US dollar continues to fluctuate at high levels, currently hovering around $93,810. After multiple attempts to break the $90,000 mark last week, although ultimately unable to stabilize above it, the highest point this week reached $94,800, indicating that bulls are still vying for this psychological level.
Meanwhile, Ethereum performed relatively strongly, trading at $3,240, with a 24-hour increase of 2.18%, and daily trading range between $92,420 and $94,800. Market participants note that the low liquidity environment at the end of the year is gradually improving, but in the short term, prices remain susceptible to the impact of large options expirations.
Structural Changes During Liquidity Restoration
Following the record-breaking options settlement last Friday, significant changes have occurred in the market's institutional structure. According to QCP Capital analysis, open interest has decreased sharply by nearly 50%, indicating that many traders

In stock investing, the Price-to-Earnings ratio (PE) is perhaps the most frequently heard yet easily confused concept. Investment advisors and analysts often ask, "Is this company's PE ratio reasonable?" or "What is the current PE level?" However, not many investors truly understand how to calculate the PE ratio. This article will guide you to deeply understand the core logic of the PE ratio and learn how to use it to evaluate stock valuation.
What exactly does the PE ratio measure?
The PE ratio, also known as the Price-to-Earnings ratio, abbreviated as PE or PER (Price-to-Earning Ratio), essentially answers a question: At the current price, how long will it take for the company's profits to recover the investment cost?
Taking TSMC as an example, suppose the current PE ratio is around 13. What does this mean? It indicates that it would take 13 years for the company to earn enough to match its current market valuation, or it can be understood as investors buying at the current price need

When it comes to short selling, many retail investors are still confused. Actually, it’s simple to understand as a reverse operation — when you anticipate the market will fall, you sell an asset you don’t yet own in advance, and buy it back when the price drops, earning the difference in between. It sounds like a fairy tale, but it is indeed a legally recognized way to make money in the investment market.
If some people are going long (profiting from rising prices), there must be others going short (profiting from falling prices). This balance between long and short positions keeps the market rational, preventing it from skyrocketing wildly or crashing endlessly. Truly smart investors never bet solely on one direction but switch strategies flexibly based on market conditions.
What is short selling? The core mechanism explained in one sentence
The essence of short selling is "sell high, buy low."
You don’t own the stock or currency now, but you borrow it from a broker and sell it immediately at the current price. When the market drops, you buy it back at a lower price and return it to the broker, earning the difference.

Platinum, which has stirred waves in the precious metals market, is expected to perform brilliantly in 2025. From a steady trend at the beginning of the year to reaching a historic high of $2,381.25 by the end of the year, this surge has left many onlookers both excited and anxious—should they seize the opportunity to invest or wait for a better moment? Is this merely a short-term speculative frenzy, or a genuine trend driven by medium- to long-term demand?
Several Ways to Understand Before Investing in Platinum
Before deciding whether to get involved, investors need to understand the specific trading options available. Depending on risk tolerance and capital size, there are various flexible ways to participate in the platinum market.
Buying physical platinum directly is the most traditional approach. This means you actually own the metal itself, but it comes with additional costs such as sales tax, insurance, and storage fees. Compared to gold, platinum has higher refining difficulty and costs, so investors usually have to pay a premium for this.

The US Dollar Index is currently declining consecutively. Analysis shows that the dollar's movement is influenced by Federal Reserve policies and economic performance, and it may remain volatile at low levels in 2025, facing depreciation pressure. Investors need to adapt flexibly to market changes, seize swing trading opportunities, and develop medium- to long-term allocation strategies.

In stock investing, the Price-to-Earnings (P/E) ratio is a key indicator for assessing whether a company's stock price is reasonable. Whether you're a professional investor or a newcomer to the market, understanding this concept is essential. So, what exactly is the P/E ratio, how is it calculated, when is it considered cheap, and when is it considered expensive? This article provides a comprehensive explanation.
P/E Ratio Name and Definition in English
The full English name of the P/E ratio is Price-to-Earning Ratio, abbreviated as PE or PER, and it is also called the Price-to-Earnings ratio in Chinese. Its core meaning is: how many years of profit are needed to recover the investment. In other words, this indicator directly reflects the valuation level of the current stock price relative to the company's profitability.
For example, if a company's P/E ratio is 13 times, it means that you need 13 years to recover your investment through the company's profits. Conversely, it implies that the company needs 13 years to earn back its current market value.
The P/E ratio is simplified

In the era of low global interest rates, an increasing number of investors seeking higher returns are turning to the foreign currency market. Taiwan's legal tender is the New Taiwan Dollar, and all other currencies are referred to as foreign currencies. Many investors are aware of the mechanisms for earning from foreign exchange, but may not fully grasp the true profit strategies. This article will delve into the core logic of foreign currency investment, mainstream investment methods, currency characteristics analysis, and practical risk management advice.
Foreign Currency and Forex: Conceptual Distinction and Trading Essence
Foreign currency refers to currencies other than the domestic currency, while forex encompasses a broader concept—including foreign banknotes, deposit certificates, government bonds, corporate bonds, and other international payment instruments. In short, forex trading involves the buying and selling of foreign currencies, and currency trading is a specific practice within forex trading.
Forex trading mainly serves international trade settlement, capital allocation, and national reserves. In contrast, foreign currency investment focuses more on value-added opportunities in payment for goods and currency exchange. Understanding

Futures are a type of forward contract that allows traders to use leverage to maximize gains with a small amount of capital, but they come with high risks. They can be used to go long or short, offering more flexibility than stocks. Risks include amplified leverage and margin calls, so risk management is crucial. Investors should establish a trading system and practice with a demo account to understand the nature and potential risks of futures trading.

Malaysia's New Opportunities in the Forex Market
Once upon a time, engaging in forex trading in Malaysia faced numerous obstacles, and some participants even faced legal consequences. But now, the situation has completely changed—the improved regulatory framework has gradually brought this market into formalization, allowing investors to trade various currency pairs through compliant and legitimate investment platforms.
However, with opportunities come difficulties in choosing. In a market environment filled with both legitimate and dubious platforms, how to identify whether a trading platform is truly reliable has become the primary concern for all new investors.
First Step: Learn to Check Regulatory Licenses
Before opening an account, the most important thing is to verify the regulatory system behind the platform. This not only ensures safety but also serves as a legal weapon in case of disputes.
Globally recognized Tier 1 regulatory authorities include:
- UK FCA (Financial Conduct Authority) — the strictest regulation
- Australian ASIC (Australian Securities and Investments Commission)

In the Taiwanese trading market, CFDs (Contract for Difference) as a flexible derivative instrument have attracted increasing attention from investors. However, faced with hundreds of trading platforms available, investors often find themselves in a dilemma—which CFD platform is truly trustworthy?
Why should choosing a CFD platform be approached with extra caution?
A CFD is a trading instrument that does not involve actual ownership of the underlying asset. Investors profit by predicting price movements. The advantages of this method include no need to hold the physical asset, the ability to trade in both directions, and flexible leverage. However, the risks behind it should not be overlooked.
Three major pitfalls in CFD trading:
First is the risk to fund safety. Unregulated brokers may misappropriate client funds or freeze accounts during market volatility, leading investors to lose everything. Second is the risk of quote manipulation. Some unscrupulous platforms may arbitrarily adjust quotes, create spread discrepancies, or even manipulate prices to cause losses for clients.

Why CFD Trading is Rapidly Growing in the Taiwan Market
Contracts for Difference (CFD) have become increasingly popular among investors in Taiwan in recent years. The appeal of these trading instruments lies in their low entry barriers, high flexibility, and diverse asset options—from forex, stocks, and indices to cryptocurrencies. Investors do not need to physically hold the underlying assets; they simply open positions based on the direction of price movements.
However, like any financial instrument, CFD trading carries risks. Due to the industry's rapid development and the regulatory framework still being refined, investors need to be especially cautious when choosing trading platforms to avoid falling into traps set by unregulated brokers.
Top 3 Risk Warnings for CFD Trading Platforms
Before selecting a CFD platform, it is essential to understand the main types of risks present in the market:
Fund Security Risk: Lack of third-party

As BTC climbed to $126K in October, few anticipated that Wall Street's embrace would trigger the very crash that exposed crypto's new fragility
When Bitcoin surged past $126,200 in early October, the rally seemed unstoppable. Yet within days, a flash crash sent shockwaves through the market,