Every Fed tightening cycle of the last 40 years has claimed a large financial casualty, given the impact of US monetary policy on rates, currency markets and risk assets globally.

It keeps repeating, it might not be the same each time, but it sure does rhyme.

Only when the tide goes out (higher interest rates), then you really know who was swimming naked.

Never swim naked, never do anything to allow yourself to be completely wiped out especially by rising interest rates.