Hello Chethan,

Thank you for sharing your own insights with the readers. The first crisis in the U.S. was the dot.com bubble popping in late 2000, early 2001. The decline began a full 3-4 years prior to those dates. So not sure about the reasoning as it relates to the U.S. As it relates to European equities, what you describe may be true. Hard to say exactly for sure without going through the history of all of the decisions that led to the declines. I think your explanation may be a part of the story, though : )

With smiles,

Jason