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It’s simple:
• The typical 3-year bull cycle was compressed into just 2 years (’23–’24)
• That compression came from frontrunning, ETFs, and the Trump trade
• 2025 was always the reset — a red, bear year
• Key bull catalysts were missing in ’23–’25: monetary easing, business expansion, and small-cap participation
• Those forces are now lining up for 2026+
2026 marks the start of the next real bull market.