Market veteran Vijay Kedia, known as Czar of small-cap stocks, recently summed up the emotional journey of stock market cycles using an unlikely but striking metaphor borrowed from Gen Z dating culture.
In a light-hearted post on X, Kedia said he learned new dating terms from younger generations and used them to decode how markets behave across cycles.
“Situationship creates Bull Markets.
Bull Markets turn into Breadcrumbing.
Breadcrumbing leads to Bear Markets.
Bear Markets end in Ghosting.”
With that, he distilled decades of market wisdom into four short lines that resonated instantly with investors navigating volatile times. His closing thought — “Every cycle begins with excitement… and ends in silence. Clarity survives both” — captured the emotional arc that repeats itself in markets, regardless of asset class or era.
Stock markets vs modern relationships
Kedia’s analogy starts with the “situationship,” a phase familiar to Gen Z — undefined, hopeful and full of possibility. In market terms, this mirrors the early stages of a bull run. As prices rise further, the bull market matures and morphs into what Kedia calls “breadcrumbing.”
In dating, breadcrumbing refers to mixed signals — just enough attention to keep someone interested, but never enough commitment.
In markets, this phase shows up as selective rallies, intermittent corrections and confusing signals. Stocks move up, but volatility creeps in. Good news is priced in quickly, while bad news is brushed aside — until it isn’t.
Breadcrumbing eventually gives way to bear markets. This is where optimism fades and reality asserts itself. Liquidity tightens, earnings disappoint, narratives unravel and risk appetite collapses.
The final stage, “ghosting,” is perhaps the most painful — and the most overlooked. In dating, ghosting means silence. In markets, it looks similar. Trading volumes dry up, commentary disappears, stocks stop reacting even to good news while retail participation drops.
Kedia’s tweet reinforces a principle he has long advocated: markets are cyclical, but investor emotions are even more predictable. Excitement, denial, fear and silence repeat across decades. What changes is only the narrative — tech booms, housing cycles, commodities, AI — but the emotional structure remains the same.
The tweet also subtly warns against overreacting to short-term market behaviour.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
