Last night again, I couldn’t sleep soundly because of unrealized losses. Even though earlier in the day I’d told someone, “Don’t watch the market.” To put it simply: when I’m only down a little, my brain automatically starts playing a running broadcast—what if it keeps getting smashed? What if I sell and then it rebounds? Unrealized gains aren’t this noisy; when I’m up, I can still put on a calm face. But when I’m down, it’s like someone keeps tuning my ear—buzzing and crackling nonstop. In fact, this is probably loss aversion: the pain hits harder than the pleasure. Lately I’ve also been talking about expectations for rate cuts and the U.S. dollar index, that whole story about risk assets rising and falling in sync. Anyway, after hearing all that, I just want to turn off the “night market channel” and reduce my position a bit—sleep matters more.