There are no good times and bad times.
You’ve been conditioned to think in terms of bull and bear within a single class of assets.
Realise one thing: if there’s a bear market in one place, there’s a bull market in another, and vice versa.
This is a certainty.
The way you optimise for this is by playing the cycles. Cycles will always exist. They aren’t a feature of finance, they’re a feature of human nature. You just have to position between asset classes appropriately through the phases of cycles with the aim of maximizing your purchasing power.
Never think in terms of denominator.
How do you play the cycles? By focusing on liquidity flows, past patterns and macro.