In a bull market, narratives are key; whoever tells the best story tends to rise quickly, while bear markets disregard them. Some news merely serves as a defibrillator for a heartbeat that’s about to stop, and the power of explanation does not rest in the hands of retail investors.

Compare the recent past with now, and ask yourself during which period it was easier to make money.

No matter how many narratives are spun in a bear market, they merely serve to motivate everyone; ultimately, it is still the large funds and institutions that make the real decisions.