The SP cycle is lulling us into a sense of dangerous complacency. We’re now only 2 cents from the lows - but it doesn’t seem as bad given the steady stair step down.

I could see the 20s being the new 30s (which used to be the new 40s, 50s, etc). Does this drop into something with a 1 handle? I don’t know, but at some point even a 10 bagger is underwater for many from a basis standpoint.