One framing I keep coming back to is this: market memory is biased because survivors do the storytelling. Desk note: The companies and strategies that persist are easier to study than the ones that quietly disappeared, yet the missing failures are often the more educational sample. Why investors care: That matters because survivorship bias makes many processes look cleaner than they were in real time. Translate it into behavior: Reading only the winners of a theme can hide how much capital was lost on adjacent names that never made it through the cycle. Where people usually get tripped up: The mistake is mistaking the surviving map for the full terrain. Keep this nearby on the next review: Before reacting, ask what mechanism would still matter here if the headline disappeared tomorrow. A lot of confusion disappears once you separate the headline from the mechanism.