The Road Up and the Road Down are the Very Same Road

Published on September 8, 2026

If you look deeply into a speculative bubble, you can already see the collapse. If you look deeply into a market collapse, you can already see the bull market. The road up and the road down are the very same road. Even so, aside from knowing that our investment position presently requires a safety net regardless of shorter-term conditions – we have utterly no opinions, preferences, or scenarios about the market outlook even a month or a quarter from now.

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