Recency bias can also be from one cycle to another. This whole cycle has been, sentiment-wise, led by fear and scars from the absolute excess of 2021 and the following wipeout in 2022. You've seen since 2022/2023 how most missed the whole run in stocks (even crypto) in pure disbelief while calling every pullback the end of it. That's why $SPX more than doubled without euphoria pushing it and $NDX almost tripled. Connect the dots.
J.N.Share
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