🚨 Important Historical Note in the Markets:
When stocks become larger than real estate in the wealth of ordinary families,
this has historically only happened before long periods of volatility or extended bear markets.
Markets are not dangerous when there is fear,
but when:
everyone is comfortable
exposure to stocks is high
and risk is not felt
This does not mean an imminent collapse,
but it means that the margin of safety is weaker
and that the next phase may have lower returns and require longer patience.
Risk management is now more important than searching for opportunities.
