Exactly this👀
Number on a screen going up is not wealth. Wealth is what survives a 40% VIX spike, a Nasdaq down 4% in a session, and a 10yr yield pushing above 5%
Most people holding assets in a risk-on rally are holding exposure, not wealth. The moment sentiment flips, so does the number
Real wealth is what you can PRESERVE and compound across the full cycle, not just what looks good at peak complacency
Hard assets that generate productive return without depending on someone else's confidence to hold value, that's the distinction toly is pointing at
Most portfolios are not built for cycles. They are built for vibes