Across four major cycles since 2011, the one principle that survives every downturn is this: those who understand their time horizon outperform those who chase volatility. In 2014, 2018, and 2022, the investors who held through 80% drawdowns were not the ones checking prices daily—they were the ones who had already decided their exit year. Saylor's treasury strategy works not because he times perfectly, but because he operates on a 10-year thesis immune to the noise of 50-day ranges.