The resilience of this market, in low liquidity and uncertain economic times is concerning. If we thread the needle on everything - great. But we shouldn’t pretend it’s normal and healthy market conditions driven by real valuation. It’s cultish faith in buy-the-dip, in low liquidity scenarios, hoping that being forward looking continues to play out. And with all the frameworks, and circuit breakers, and fiscal levers we have; maybe it does. But in modern finance, one of the most dangerous habits we build is how we dismiss downside risk too easily. We will pay for it some day, in some part of the global market. It’s just unclear when that day is and who pulls the short straw! 🤷‍♂️ That’s why you have to balance being exposed with taking money off the table, and hedging the downside at the polarized points.