Markets have always climbed a wall of worry. Every year, every cycle, there is something that feels urgent, frightening, and hard to ignore. The storyline changes, but the emotional pull remains the same.
The Headlines Change. The Pattern Does Not.
In early 2020, at the onset of the pandemic, Ray Dalio warned that COVID could lead to a depression worse than 2008. That fear felt justified. The world was shutting down, uncertainty was everywhere, and memories of the financial crisis were still fresh.[1]
In 2022, Jamie Dimon, CEO of JPMorgan, cautioned investors to prepare for an economic hurricane. Inflation was surging, rates were rising, and global tensions were escalating. Once again, stepping aside felt like the prudent move.[2]
Then came headlines predicting a 100% chance of recession. When experts speak in absolutes, it becomes difficult to stay patient. Taking protective action feels responsible.[3]
Today, the focus has shifted again. Warnings of an AI-driven economic collapse dominate headlines. Job losses. Disruption. Entire industries at risk. Different catalyst, same emotional reaction.[4]
Each of these moments created a strong case for caution. And in real time, they felt entirely believable.
Markets Move Through Worry
When we step back and take the longer view, a different pattern emerges.
Despite the steady stream of alarming headlines, markets rewarded disciplined investors. Over the past five years, the S&P 500 Index has delivered an annualized return of approximately 12.2%. Over the past ten years, that figure rises to about 13.7%. Those returns were earned during periods filled with uncertainty, not in the absence of it.[5]
The lesson is not to ignore risk or dismiss headlines. Risk is real, and uncertainty is unavoidable. The goal is to ensure that today’s decisions remain aligned with long-term objectives, even when emotions are running high.
That is how investors climb the wall of worry.
Jonathan
[2] CNBC Finance headline – June 1, 2022
[3] Bloomberg headline – October 17,2022
[4] NY Post headline – February 25, 2026
[5] 5 year and 10-year annualized returns of S&P 500 Index with dividends reinvested. Calculated from end of Jan of given period to end of January 2026. The Standard & Poor’s 500 Index is a capitalization weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. All indices are unmanaged and may not be invested into directly. Past performance is no guarantee of future results.