This pattern appeared in 2018, 2020, and 2022. The playbook does not change — only the participants do.
Every bear market felt permanent to people who hadn't seen one before. Every bull felt sustainable from inside it.
Short-term thinking is expensive. Long-term thinking is free but feels impossible during drawdowns.
People who complain most about volatility are always the ones who didn't accumulate when it was cheap.
Regulatory clarity is coming. It always does. Question is whether your position survives until it arrives.
