Fidelity International's Dan Roberts stated that as the market digests the results of the US election, their investment team is closely monitoring the policy changes of the new administration to assess how these new policies are likely to affect both American and non-American companies in the coming months. Dan Roberts mentioned that they adhere to long-term investment with low turnover, so the US election is unlikely to trigger major changes in their allocations. However, market fluctuations or short-term reactions caused by hot topics like the US election might provide opportunities for investors who do not follow the crowd to take advantage of lower prices. Nevertheless, Dan Roberts stated that their strategy remains unchanged, focusing on selecting high-quality, cash-generating, operationally solid, competitively advantaged, and internally driven companies. He emphasized that their investment rationale does not depend on whether a particular political or macro situation will materialize, but rather on identifying companies that are worth investing in under different government regimes and through various cycles. Dan Roberts pointed out that after analyzing the long-term trends, there is no clear relationship between the composition of the US government and the subsequent returns of the US stock market. Regardless of whether a Republican or Democratic candidate is elected president after the election, or whether one party wins decisively or the government is divided by two parties, the US market generally experiences similar gains in the four years following the election. Following the election results, cyclical stocks and companies expected to benefit from deregulation (such as banks) in the US saw immediate gains, while defensive stocks and non-US stocks fell out of favor. However, the market will continue to digest the election results in the coming days, and as actual policies are gradually unveiled in the mid-term, the market will respond accordingly. From a policy perspective, both parties have promised to increase spending during the campaign, but the economic policies proposed lack detail. Stock investors will pay close attention to the new government's stance on taxes and tariffs. The US stock market has a significant premium compared to other stock markets globally, with valuation gaps being extreme over the past few decades. The high valuation of US stocks is partly due to the high concentration of technology stocks, but upon deeper analysis, it is found that US stocks generally trade at a premium, with 9 out of 10 industries having higher valuations than their non-US counterparts. Dan Roberts mentioned that based on their valuation discipline, they often find better opportunities in non-US registered companies. However, many European and Asian companies they are bullish on actually generate a large portion of their revenue from the US. In addition, many large US technology companies do not pay dividends or pay very little, which may not be suitable for their strategy.