A natural consequence of adopting the language of cycles is that it naturally leads to an attitude of "this too shall pass." Indeed, if we think of multiple cycles aligning in a mean-reverting mode, that suggests that multiple cycles may be peaking or cresting. In such a case, the periods of greatest choppiness would tend to precede the periods of greatest opportunity.

Language frames our problems and language frames our opportunity set. I strongly suspect there are no markets devoid of opportunity; only impoverished mindsets.