XJO - Bear Posts only (Factors which might cause the markets to fall), page-14471

A very good read (as always) by Lance Roberts for anyone who has any doubt about the misconception currently displayed in the market.  ( https://realinvestmentadvice.com/theory-of-reflexivity-and-does-it-matter/)

Every bubble has two components: an underlying trend that prevails in reality and a misconception relating to that trend. When a positive feedback develops between the trend and the misconception, a boom-bust process is set in motion. ​

The process is liable to be tested by negative feedback along the way, and if it is strong enough to survive these tests, both the trend and the misconception will be reinforced. Eventually, market expectations become so far removed from reality that people are forced to recognize that a misconception is involved.​

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Our little permabull droids come here and confirm their positive feedback of the market misconception as Soros explains above.  
The early 2022 and late 2023 index drawdowns  were the negative feedback that tested the misconception, and the perma bulls triumphed and reinforced the misconception.