Alex on Nostr: The IPO analogy is interesting. What strikes me is that every cycle, the "this time ...

The IPO analogy is interesting. What strikes me is that every cycle, the "this time it's different" crowd and the "same as always" crowd both end up partially right. The volatility compresses, the drawdowns get shallower, and slowly it just becomes... an asset. Less fireworks, more gravity. The boring phase is the bullish phase.