Summary of Key Points from the Conference Call Industry Overview - The discussion revolves around the U.S. markets, particularly focusing on the NASDAQ and its volatility, which has been compared to the Hang Seng Index (HSI) in Hong Kong [3][4][6]. Core Insights and Arguments - The recent market behavior has been characterized by extreme volatility, with the NASDAQ experiencing a 700-point swing within 45-60 minutes, reminiscent of the market conditions in 2022 [2][3]. - There is a significant level of uncertainty in the market, primarily driven by potential policy decisions from the U.S. Administration, particularly under President Trump, which could lead to drastic market movements [3][4][5]. - Earnings estimates are currently deemed secondary to the ability to predict policy decisions, as tariffs are creating a "moving target" for fair stock valuations [5]. - The Hang Seng Index is experiencing a "melt-up" phase, with less policy uncertainty compared to the U.S. markets, leading to a consistent buying trend [6]. Additional Important Content - The current market structure in the U.S. is described as "mean-reverting" until there is a resolution regarding tariffs, indicating that price movements may oscillate around a mean value rather than following a clear trend [11]. - The approach to investing in this volatile environment should be tailored to individual risk tolerance, investment goals, and time horizon, suggesting that aggressive investors may consider buying the dip, while those closer to retirement may need to be more cautious [9][12].