Are We in a Slow-Motion Crash?
No.
We are in a post-rerating digestion phase.
The index ran ahead of earnings.
Liquidity peaked.
Expectations got ahead of fundamentals.
Now:
• Earnings matter
• Margins matter
• Cost of capital matters
Markets are arguing with themselves.
That is healthy.
The Psychological Trap
Most investors measure performance weekly.
Markets reward multi-year positioning.
Historical data shows:
Short-term noise dominates 1–3 months.
Business fundamentals dominate 3–5 years.
If you cannot tolerate a 15% decline,
equities are the wrong asset class.
