We are in that part of the cycle that Howard Marks described as: “In the end, trees don’t grow to the sky.”

PUTS are dirt cheap.

Adding some protection here makes a lotta sense imo.

— QE Infinity (@StealthQE4) August 28, 2025

Of course, I don't expect stagnation to last that long, but this is a reminder that anything can happen in the markets, and we should be prepared for different scenarios.

At some point, the buy-the-dip strategy will become the pain trade, as the market faces a reality check… pic.twitter.com/TYAFdJ70b7

— Guilherme Tavares (@i3_invest) August 28, 2025