Every cycle people scream supercycle.

“No more bear markets. It’s different this time.”

But somehow… every cycle there’s always one overleveraged player that blows up and drags the whole market down.

Now we’ve got institutions, even nation-states buying and again people say the 4-year cycle is broken.

But I wouldn’t be surprised if a few years from now we’re saying the same thing:

“Yeah… it wasn’t that different after all.”

Just a thought.