The US stock market has kept hitting new highs. Every time the US stock market drops hard, someone shows up to claim that this time is different—this time it really will collapse. Last week, when the Nasdaq fell 4%, another round of the same predictions came in. Ever since I started trading the US stock market, the collapse prophecies I’ve heard could go around the world twice. In late 2018, when it fell 20%, people said it was collapsing. In March 2020, when the market triggered four circuit breakers, people said it was collapsing. In 2022, when the Nasdaq was cut in half, people said it was collapsing.