re: Downside Protection on Pullback

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until then the markets have a safety net and are proceeding apace

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While you have a point, it’s worth acknowledging this same refrain was making the rounds in 2000, and in 1929 for that matter. The Fed seems hellbent on doing all they can to prevent a major downturn in risky asset markets, but it’s not the guarantee some perceive it to be (not saying you’re doing that here, just pointing out the Fed doesn’t give the markets immunity from experiencing a major correction).