🟢 [E2133] Rolling bear markets/distribution tops see correlation keep rising until indices break. Base case is ~15% downside in main indices. Two most frustrating scenarios: move down faster/sharper than expected, or steady drift lower so no put holders make money.

🔴 [E2172] Believe Raoul's liquidity analysis doesn't really work anymore and needs to be more granular. Too much cognitive dissonance in proclaiming 'fastest age of technological revolution ever' and expecting everything to be ok/not change.