According to @KobeissiLetter, the S&P 500 has recorded four drawdowns of at least -20% over the last 10 years, the most on record (source: @KobeissiLetter). The source notes that comparable 10-year windows before 2020 typically saw only 1–2 such drawdowns, and there were none during the 7–10 year period ending in the late 1990s (source: @KobeissiLetter). @KobeissiLetter attributes the shift to markets becoming more reactive to headlines and macroeconomic changes, resulting in massive swings in asset prices and urging traders to capitalize on this volatility (source: @KobeissiLetter).