Recently, tensions in the Middle East have escalated, and many people are beginning to pay attention to the impact of geopolitical risks on risk assets. Some investors are even waiting—waiting for the conflict to further escalate, waiting for asset prices to plunge to a "discount" they can accept.

The question is: this is not the first time tensions between the Middle East and Iran have arisen. Every time, people say this time is different, every time they hope for a lower price. But the reality is, have you really waited for that "bottom"?

Geopolitical conflicts can indeed impact the market, that's true. But whether assets will fall to your psychological price level is another matter. A question worth reflecting on is: how reliable are these expectations? When everyone is waiting for the same "discount," the market often has already priced in this expectation. Instead of chasing the illusion of a bottom, it's better to think clearly about your investment logic.