Narrative Fatigue and the Return of Growth Leaders
I think investors are exhausted. Not market-crash exhausted. Not recession exhausted. Not even "I've watched my portfolio lose 40% in six months" exhausted. I'm talking about something stranger. Narrative exhausted. For years, the market has been powered less by earnings and more by stories. Not completely. Fundamentals still matter. Cash flow still matters. Revenue still matters. But if you've spent enough time around financial media, you've probably noticed that markets often move because investors collectively decide to believe a story. And lately, those stories have become increasingly ridiculous. Every few months a new narrative arrives like a traveling carnival. It's presented as the future. The inevitable future. The only future. The future so obvious that only a fool would fail to see it. Then six months later everyone quietly pretends they never believed it. I've watched it happen repeatedly. The metaverse was going to redefine civilization. S...