First off, wishing everyone a Happy Chinese New Year and a year of good health and wealth ahead.

“Hubris” (a word I learnt watching “War Machine” on Netflix – a great movie by the way) is probably the appropriate word to describe investors’ behavior leading up to this months’ correction. Many were simply overconfident, and it wasn’t uncommon to see people with 90%, 100% of their portfolios in crypto or hypergrowth stocks. Some even claimed that annual returns of 50% or 100% should be the “new normal”, and not the 7% to 10% historically. It all unraveled over the course of the month, inflicting heavy damage on the very people who felt invincible in the recent past. Evidently, everyone appears to be a genius during a bull market, and it takes a sharp correction to differentiate luck from skill.

I myself am not spared – my US positions took a