The End of “Everything Goes Up”
Between 2023 and 2025, PSX experienced repeated episodes where:
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Cheap stocks rallied regardless of quality
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Cyclicals moved on sentiment
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Balance sheets were ignored
That phase relied heavily on liquidity and mean reversion.
In 2026, capital becomes more discriminating. Weak business models do not collapse immediately—they simply stop attracting incremental capital.
This is how markets silently transition from growth to preservation without dramatic headlines.
Sector Rotation Under Capital Preservation
Instead of chasing returns, capital rotates toward stress-absorbing sectors.
Banking: Cash Flow Over Growth
Banks remain central to PSX not because of rapid expansion, but because:
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