Based on a lifetime of observations and a few decades in the markets, I understand that societies, beliefs and fashions all move in long arcs of time. We call these arcs several things: cycles, periods, eras.
Secular cycles are the long periods - as long as decades - that come to define each market era. These cycles alternate between long-term bull and bear markets.
We don't have to kind of be in cycles of conflict if we can find other ways to resolve these issues. We can do things that challenge the conventional thinking that, you know, 'AIPAC doesn't like this,' or 'the Israeli government doesn't like this,' or 'the Gulf countries don't like it.' It's the possibility of improved relations with adversaries.
I can't help but recall my dad and mom. Depression era kids, 8th and 9th grade educations, clawed and scratched to make a living as dairy farmers their whole life. At least two drought cycles nearly took it all away. They just worked harder, longer... and they made it.
Unfortunately we were living beyond our means. I didn't do the bills, I didn't have any idea what our financial situation was. We had the cars, the boat, the motorcycles and the houses. I didn't even know. And then when we got a divorce there wasn't a lot of money to split up and what there was, was spent on the divorce. It was really difficult.