Just been diving deeper into historical market cycles and honestly, there's something about Benner's framework that keeps resonating with where we are right now. Back in 1875, Samuel Benner mapped out these repeating patterns in markets - panic years, good times, hard times - and the accuracy is kind of wild when you look at how things have actually played out.

So here's how it breaks down. You've got these periods where markets just lose it - panic selling, irrational moves, prices swinging wildly. Then there's the opposite phase, the good times when valuations peak and everyone's making money hand over fist. That's when you should be thinking about exits, not entries. And then the third piece - the hard times when everything's beaten down and that's actually when the real accumulation happens.

What's interesting is that we're sitting in 2026 right now, and according to the Benner cycle framework, we're supposed to be in those good times. That's the period where you're supposed to already have your positions, not be frantically chasing new ones. The cycle suggested we'd see recovery patterns emerge in 2024, and we did see that transition. Now we're in the phase where the cycle indicates it's time to be selective about what you're holding.

I've been thinking about this a lot with my own portfolio strategy, and honestly, it changes how you approach things. Instead of panic buying every dip, you start thinking in terms of these longer cycles. The Benner cycle perspective suggests that altseason fits pretty naturally into where we should be in this pattern. Not because it's guaranteed, but because historically these cycles have shown us when capital typically rotates.

The real takeaway here is that if you understand these cyclical movements, you can position yourself differently. You stop fighting the cycle and start working with it. That's what separates people who are just reacting to price action from people who are actually prepared. Worth thinking about where you stand in that framework right now.