Here's a curious thing about markets: when the world fundamentally changes, investors sometimes just... pretend it didn't. They face a wall of new variables, conflicting signals, and unprecedented scenarios. The mental math becomes too complex. So what happens? Many simply opt out of the calculation altogether.

This isn't irrational exactly—it's more like cognitive overload meeting risk aversion. When you can't reliably model the new reality, maintaining your existing positions might feel safer than admitting you need to reprice everything. The alternative is paralysis: admit the uncertainty is too deep to model, or stick with yesterday's assumptions a little longer.

It's worth watching this play out in real time. Assets that should be repriced aren't. Positions that should shift sit tight. And sometimes, that collective inaction becomes its own kind of market force—until suddenly it doesn't, and everything reprices at once.