You get a sense there's been a more than cyclical change in risk appetite amongst the community, which is why the savings rate has gone up to historical highs and in businesses, boards have changed their attitudes to risk.

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"Music is cyclical and it does change, " he said.

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If so, keep in mind that it would not change the fact that particularly in secular bear markets, the cyclical bull markets tend to run into significant declines in their unfavorable seasons each year.

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