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Well said. The hardest part isn’t the math it’s staying invested in a system that increasingly demands emotional endurance, not intelligence.

What often gets missed is that participation itself now carries a cost: volatility, narrative pressure, opportunity cost, and the psychological toll of constant exposure. The challenge isn’t finding the right model; it’s deciding whether, when, and how much to participate at all. That tension is something we’ve been exploring deeply in The Cost of Participation not as a critique of markets, but as an examination of what modern investing asks of individuals beyond capital.

Strong piece. Discipline and restraint rarely get the attention they deserve.