It's like we fell down an escalator that's going up ↙️

The stock market declining 9% is only half the story 🌓

I often hear that the recent market pullback wasn’t that bad.

The S&P 500 fell from its closing high of 6,978.60 on Jan. 27 to a closing low of 6,343.72 on Mar. 30, a 9% drawdown.

Sure, it’s no bear market. It’s not the average intra-year drawdown of 18% we’ve seen in midterm election years. It’s not even the average intra-year drawdown of 14% we’ve seen since 1980.

But this framing is incomplete. Price only tells half of the story.