ChainCatcher news, according to Jinshi reports, Morgan Stanley's Chief Investment Officer and Chief U.S. Equity Strategist Mike Wilson has shared his latest views. He pointed out that the breadth of the U.S. stock market in December hit a historic low, coinciding with the 10-year Treasury yield breaking the 4.5% threshold, indicating that the Federal Reserve may not be able to provide the easing policies that the market expects.Wilson analyzed that the current disconnection between market breadth and prices is similar to that of 1999, primarily due to ample liquidity. As the scale of reverse repos (RRP) shrinks from its peak of $2.5 trillion, and with the Federal Reserve potentially making slight rate cuts, liquidity may tighten in early 2024. He advised investors to continue focusing on high-quality stocks, as unprofitable growth stocks and low-quality cyclical stocks may face significant impacts.Wilson stated that due to the lack of mean reversion in recent years, investors are more inclined to track price trends, leading to extreme concentration in the market, and the "quality" factor has become a widely used stock selection criterion.