This is now the longest drought without all-time highs since the great financial crisis of ‘08/’09. Investors clearly expect better from their investments – likely a learned response from the ‘buy the dip’ era. The ‘buy the dip’ (BTD) mantra was steadily reinforced during the bull market from 2009-2020, and then reinforced with concrete + rebar during the Covid market drop and recovery. The lesson was simple: if the market goes down, buy some. If it goes down more, buy more. Then sit back and wait a few weeks for prices to recover, wait a few more weeks and watch new highs start to pile up. Easy-peasy.

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