Another prominent hedge fund, following in the footsteps of Banxia's Li Bei, has issued an apology and engaged in self-reflection.

The "hedge fund queen" has maintained a focus on domestic demand and real estate, leading to forced position reductions. This follows the earlier open letter addressed to Li Bei.

Now, Yang Dong of the billion-dollar hedge fund Ningquan is considered a titan and value investing master in the history of Chinese asset management, a level significantly above the internet-famous Li Bei mentioned yesterday.

He has also apologized and reflected due to mediocre fund performance amid market conditions, while expressing a bearish view on AI.

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The question is:

Using the market capitalization-to-GDP ratio, known as the Buffett Indicator, to judge whether a bubble exists. The essence of the Buffett Indicator is discounting the future income of listed companies and then dividing it by the current total economic value added of society. This metric is influenced by discount rate expectations and, even more so, by income distribution. It seems a single chart can speak volumes.

In the AI era, this indicator is likely to be even higher...