Core Viewpoint - The most profitable investment in the first half of the year was the Russian Ruble, which appreciated by 41% against the US dollar by June 30, 2023, largely due to a high base interest rate of 20% in Russia [5][6]. Group 1: Investment Trends - The capital that left the US market primarily followed three paths: returning to its origin, filling value gaps, and flowing into speculative markets [6]. - The South Korean stock market ranked second in performance, attributed to its low average price-to-earnings ratio of around 10 times, making it an attractive investment despite political instability [7]. - The Hong Kong Hang Seng Index grew by 20% in the first half of the year, influenced by major companies like Meituan, JD.com, and Alibaba, which have significant weight in the index [8]. Group 2: Market Analysis - The Hong Kong market is seen as a better investment alternative compared to South Korea, Spain, and Germany, especially after a decline from 2020 to 2023, leading to attractive valuation levels [8]. - Some Hong Kong companies maintain high cost-performance ratios, while others, particularly the so-called "four little dragons" of consumption, have inflated valuations [9]. - The A-share market has shown signs of recovery, with the Shanghai Composite Index surpassing 3,500 points, indicating potential for a bull market [10]. Group 3: Investment Strategies - A conservative investment strategy favors low price-to-earnings ratio stocks, particularly large commercial banks, as global liquidity is expected to ease [11]. - The real estate sector remains a critical issue, with predictions that it may bottom out between 2025 and 2026 based on historical data [12]. - Gold prices increased by 26% in the first half of the year, and while there is potential for further gains, caution is advised against leveraging investments in gold due to its speculative nature [13][14].

Group 1 - Retail investors have been actively buying U.S. stocks this year, investing over $30 billion since April 2, despite professional fund managers seeking safety [1][4] - The strategy of "buying the dip" is popular among retail investors, with over $3 billion in purchases on a day when the S&P 500 fell by 2.4% [1][4] - The S&P 500 index has experienced significant volatility, making it difficult to assess the performance of retail investors based on their market timing [4][7] Group 2 - Long-term trends show that major U.S. stock indices are generally on the rise, but there have been periods where investors struggled to recover their principal [7] - Retail investors are favoring individual stocks, with 60% of their funds going into stocks like Tesla and Nvidia, while 40% is directed towards ETFs [7][8] - The investment behavior of retail investors is not solely driven by emotional fervor, as regular contributions to retirement accounts ensure continuous stock purchases regardless of market conditions [8]