According to @QCompounding, investors’ formative windows can produce vastly different return experiences, with those born in 1970 seeing the S&P 500 increase nearly tenfold during their teens and 20s while those born in 1950 faced largely flat markets. source: @QCompounding (tweet, Dec 25, 2025); Morgan Housel, The Psychology of Money. The referenced chart from Morgan Housel highlights how regime differences drive realized returns, a key input for traders when setting expected returns and drawdown thresholds. source: Morgan Housel, The Psychology of Money. To avoid cohort bias in strategy design, traders should validate backtests across multiple market regimes and apply experience-neutral risk controls such as rolling window calibration and stress tests. source: Malmendier and Nagel (2011, American Economic Review) on experience effects; Morgan Housel, The Psychology of Money. For crypto allocation, note that cohort-driven risk appetite can spill over to Bitcoin (BTC) because BTC has exhibited elevated positive correlation with equities in recent years, amplifying risk-on/risk-off cycles. source: International Monetary Fund (2022) Crypto Prices Move More in Sync With Equities; Bank for International Settlements (2022) research on crypto–equity co-movement.