A useful way to think about this: investors who grew up in one policy regime often underestimate how strange a different one can feel. Desk note: A generation trained under falling rates or abundant liquidity can misread what "normal" discipline looks like when the regime changes. Why investors care: That is why historical context matters for humility as much as for forecasting. Translate it into behavior: What felt like a routine multiple in one regime can behave like a stretched duration bet in another. Where people usually get tripped up: The mistake is universalizing the market habits of one era. Keep this nearby on the next review: Before reacting, ask what mechanism would still matter here if the headline disappeared tomorrow. That is the kind of small conceptual habit that compounds into better decisions over time.