From Euphoria to Fear: How Markets Have Corrected Since Our September Call

Back in September 2024, we published The Prisoner’s Dilemma and Bear Markets, warning about an impending correction at the peak of market euphoria. The paradox we highlighted was simple:

• In bull markets, everyone sees the risks, but selling too soon feels like leaving money on the table.

• In bear markets, everyone sees the opportunity, but buying too s…