Investors who grew up in one policy regime often underestimate how strange a different one can feel. What is happening: A generation trained under falling rates or abundant liquidity can misread what "normal" discipline looks like when the regime changes. That is why historical context matters for humility as much as for forecasting. In practice: What felt like a routine multiple in one regime can behave like a stretched duration bet in another. Watch for: The mistake is universalizing the market habits of one era. Useful lens: A useful review question is which funding, incentive or cash-flow channel is actually doing the work. A lot of confusion disappears once you separate the headline from the mechanism.