No. There could be two phenomena occurring simultaneously: growth for everyone and layered on top of that a wealth transfer. The key term you&#x27;re ignoring in my comment was <i>relative</i>: &quot;peaks are gaining relative to the valleys&quot;.<p>I know you&#x27;re into finance. Are you familiar with the concept of a long-short hedge fund? If so, you should be comfortable with the idea of focusing on relative movement of two assets within an asset class, hedging against the absolute movement of the asset class as a whole.