The stock market has undergone a dramatic psychological shift. For a growing subset of investors, the market is no longer a mechanism for long-term wealth preservation. It has instead turned into a sport indistinguishable from gambling.

Part of that is “buy the dip” becoming less of a choice, and more of a religion. The current mindset for many investors relies on a set of deeply flawed assumptions: success is defined solely by picking the right stock or ETF, position sizing is irrelevant, bonds are for the weak, and defense is entirely unnecessary.

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