#地缘政治风险 Recently, I saw news about the situation in Venezuela, and many friends are worried about whether it will trigger a global financial shock. I want to share an observation: although this event is indeed serious in terms of geopolitical tensions, the market's actual reaction has been relatively restrained—Bitcoin did not plunge significantly, and the main impact was limited to the energy sector. This actually illustrates an important principle.

In highly uncertain environments, the market is actually more rational than we imagine. Risks do not stem from a single event itself, but from our level of preparedness for those risks. This brings me back to what I have always emphasized: **Position management is always the top priority**.

Imagine if your asset allocation is overly concentrated in high-risk assets, then even just fluctuations in market sentiment could make you uneasy. But if you have diversified your portfolio in advance and maintained a reasonable risk exposure, even in the face of black swan events, you will have enough buffer space.

Geopolitical risks will not disappear, but we can respond through discipline and patience. In the long run, prudent asset allocation and a mindset that is not swayed by short-term volatility are often the best weapons to navigate cycles. In such moments, it is actually a good opportunity to review your investment structure and adjust your positions.