One framing I keep coming back to is this: 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. Why it matters: 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: 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.