A seasoned fund manager recently shared an interesting perspective — over the next three years, the US stock market may experience a new boom, and the underlying logic is actually quite familiar.

She recalled the early days of her career: at that time, deregulation, significant tax cuts, relatively stable monetary policy, and strong diplomatic negotiations all contributed to a direct appreciation of the US dollar. When the dollar strengthened, even gold was suppressed.

This logical chain actually makes sense — deregulation means lower corporate costs and expanded innovation space; tax cuts directly increase profits; a stable monetary environment reduces the need for capital to hedge against devaluation risks; and a strong international position ensures the dollar’s purchasing power. When these factors come together, they naturally attract capital to enter the market for bottom-fishing.

Of course, this judgment has different impacts on various asset classes. US stocks may benefit, but other assets settled in USD are a different story. Regardless, such macro turning points are important signals for the entire market ecosystem.