2026 has honestly felt like death by a thousand cuts for growth investors because every time we get through one macro shock another one seems to show up. The Iran war has pushed oil prices and yields higher creating another inflation shock that's making Fed's job even harder while many of the businesses I own continue executing despite their stock prices telling a very different story. I think this is where the emotional tax of long-term investing really shows up because patience feels easy when your stocks are making new highs but it becomes a completely different animal when those same companies are suddenly down 50% or more. The irony to me is that everyone wants to own the company that becomes a 20-year winner but very few people actually want the 20-year ownership experience. Those returns rarely come in a straight line and I think some of my best portfolio decisions are made during periods like this when everything feels uncomfortable but long -term opportunity really hasn't changed.