Capriole Investments highlighted a pattern that has held across decades of market data, i.e., when inflation crosses as high as it has today, the broad market has declined by an average of 30% over the following one to 24 months. Two of the most severe crashes on record occurred within this exact inflation regime, namely the dot-com collapse that erased 47% of market value between 2000 and 2002, and the 2008 financial crisis that took markets down by 55%.