Few things are as financially dangerous as making a bad decision and earning a good return.
Yes, some lucky souls made money from Dogecoin, MicroStrategy and Bored Ape Yacht Club NFTs. It's true. The longer a market rewards investors, the easier it becomes to confuse a favourable environment with sound decision-making. Allocations drift, expectations rise, risks become easier to dismiss, and a portfolio built for one set of conditions gradually becomes dependent on those conditions continuing.

I was a preteen when the ’70s gave way to the ’80s, but I remember that mood vividly. Energy felt scarce.Politics felt consequential. At the same time, the economic regime was beginning to shift.

It’s easy in times like these to feel like a waif amid forces. Geopolitics is shifting in real time. Artificial intelligence is accelerating faster than economic systems can absorb, and public discourse across television, newspapers and social media is increasingly dominated by hyperbole, blurring the line between fact and fiction. In this environment, it’s easy to lose one’s way.