Is the Wall of Worry About to Collapse?

Why stocks, bonds, oil, and private credit are now marching to the same scary drumbeat—and what investors should watch next.

We know that fear trumps hope. That’s why hope-based rallies grind higher slowly, but when fear takes control, prices can collapse quickly. It’s why bull markets tend to last a long time—and bear markets, once they arrive, often feel sudden and brutal.

For two solid years, investors kept climbing. Every time a new scare appeared—inflation, interest rates…