The biggest issue people will have this year in markets is continually projecting out linear projections based on individual events Ie no tariff projection upwards then next day projecting 25% tariffs with downswing expectations then next day pricing no tariffs to then pricing 10% China tariffs You have to think about how things look in aggregate in 18-24 months not on individual events It’s also the worst year ever as far as people using leverage or thinking in short term as the swing in projections causing liquidations means we could see multiple days like the temporary crash we had The projections or “narratives” if you will can swing based on one unforeseen call Ie trump one day says they are escalating to 50% tariffs or next day says they are buying bitcoin in Sovereign fund The narratives won’t be straight lined and you have to view the totality of it from the view of what is the eventual outcome of the statecraft actions he intends