Many people are calling for a bull market as soon as the Fed ends QT, but the truth is: quantitative easing has never been just a cherry on top.

A look at history reveals the pattern—QE only arrived after major crises, like the collapse of Lehman in 2008 or the liquidity crisis in March 2020. It's not a preventive shot; it's an emergency remedy. In other words, real liquidity injections usually come hand-in-hand with some form of collapse: either a rapid, panic-driven selloff, or a slow, drawn-out recession.

So the real question isn't whether the market will go up, but whether you can survive the inevitable correction that's coming. Markets don't rise in a straight line; someone always has to bear the cost. Those assets that survive the entire cycle are the ones whose chips change hands during periods of extreme pessimism.

Withstand your risk exposure, and let the rest be determined by the liquidity cycle.