It’s been a little over two months since I first said this. And looking at the market today, I believe the environment is unfolding almost exactly as I described back then. Very few people, from the early stage of a bull market, say things like: “Start accumulating from here,” or “Even if a major drop comes, don’t panic keep accumulating.” Most people instead bet heavily, expecting an explosive move into a so-called “banana zone.” That upside never materialized, and we are now seeing a large drawdown that leaves little room to react. Only after the fact do people start talking about value investing, “just holding through it,” long-term investing, and slowly accumulating again. But the market is not that simple. The fact that this mindset is still dominant is, in my view, a clear sign that true fear has not arrived yet. This process will likely take far more time than most people expect(mignolet)