Look, I know none of this stuff matters anymore. But my G*d.

This will be the 4th time the S&P 500
$SPY
has hit a record high while 5% of its members fall to 52-week lows.

1. July 1929
2. January 1973
3. December 1999
4. Today

Right before the 2000 dot-com crash, the S&P rallied 12% to reclaim its previous highs… Those who went max long because “the internet is the future” were right, but still lost 50% over the next 2 years.

And the crash wasn’t linear.

To make sure every last bull stayed in (and then got wiped out), we had 3 separate 20% bear market rallies… Only after everyone was fully shaken out did we bottom in 2002.

It then took ~14 years just to break even on a nominal basis… And by that point, most were too scarred to fully participate in the next bull run.