What's the Risk of Capitulation in the Stock Market?

The last two major down turns that we saw, at least from a stock market perspective, happened in the fourth quarter of 20 18 and then happened in the middle of the pandemic. It'll be interesting to see, because none of us know where this is going or how long it'll last. We use a zero som cycle illustration to teach you the points. But the reality is is that we're going higher and higher and higher as the economic expansion,. as innovation, as companies learn how to make more money.