During the past 11 years there has been a lot of money made on Wall Street by those retail investors without much, if any, experience in an environment other than a secular bull market.
The strategy of buying every dip has served these amateur investors well. In the sense that it was nothing more than a Pavlovian behavioral response, requiring little, if any, thinking or macro-economic analysis, it worked.
Every strategy works until the day comes when it doesn't any longer.
For those investors who have become so accustomed to a single BTD strategy, that