Some observations from offline meetings: At the end of the bull market, the focus is mainly on showing off sports cars, designer jewelry, and watches; quiet luxury remains the norm. Loro Piana I can't tell either. In the early stages of a bear market, everyone has a flawless, radiant complexion. Chest muscles, abs, and defined waistlines are visible. Perfume scents have richer top, middle, and base notes. Vitality fills the nostrils. Even the hairlines that fade with age seem to be receding. In the middle stages of a bear market, I don't know if it's because the growth hormones like Smegrazine, Minoxidil, and other drugs are no longer effective, or if the side effects outweigh the benefits, or if insomnia is causing a rise in cortisol, or if it's because we can't afford to renew our gym and beauty salon memberships, but all we have left are faded logos hanging precariously on our thick, loose bellies, and even our clothes smell secondhand. Fitness trackers are useless except for tracking steps. Is this what beauty looks like during an economic downturn?