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      <p>Financial markets have always moved in cycles — periods of expansion followed by contraction, booms followed by busts. Understanding these cycles is crucial for any investor who wants to build long-term wealth without being derailed by short-term volatility.</p>

      <h2>The Four Phases of a Market Cycle</h2>
      <ul>
        <li><strong>Accumulation</strong> — After a market bottom, informed investors begin buying. Sentiment is still negative, but valuations are attractive.</li>
        <li><strong>Markup</strong> — The broader market starts to rise. More investors join in, and economic indicators improve. This is typically the longest phase.</li>
        <li><strong>Distribution</strong> — Markets reach a peak. Experienced investors begin selling to less informed buyers. Volatility increases.</li>
        <li><strong>Markdown</strong> — Prices decline, sometimes sharply. Fear dominates, and many investors sell at the worst possible time.</li>
      </ul>

      <h2>The Psychology of Market Cycles</h2>
      <p>Investor emotions tend to follow a predictable pattern: optimism during the markup phase, euphoria near the top, fear during the markdown, and despair at the bottom. The most successful investors learn to recognize these emotional signals and act counter to the crowd.</p>

      <h2>Historical Perspective</h2>
      <p>Every major market crash in history — the Great Depression, the Dot-com Bust, the 2008 Financial Crisis — was eventually followed by a recovery and new highs. While past performance does not guarantee future results, understanding this pattern can provide comfort during difficult times.</p>

      <h2>Strategies for Volatile Markets</h2>
      <ul>
        <li><strong>Stay invested</strong> — Time in the market beats timing the market. Missing just the 10 best trading days over a 20-year period can cut your returns in half.</li>
        <li><strong>Dollar-cost averaging</strong> — Invest a fixed amount regularly regardless of market conditions. This naturally buys more shares when prices are low.</li>
        <li><strong>Maintain an emergency fund</strong> — Having 3-6 months of expenses in cash means you will never be forced to sell investments during a downturn.</li>
        <li><strong>Review, do not react</strong> — Use market downturns as an opportunity to review your strategy, not to make impulsive changes.</li>
      </ul>

      <h2>Conclusion</h2>
      <p>Market cycles are a natural part of investing. By understanding them and maintaining a disciplined, long-term approach, you can avoid costly mistakes and position yourself to benefit from the inevitable recoveries.</p>
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