If you were ever going to take a shot at building something of your own — a business, a brand, a mission — this is your moment. Not 1995. Not 2008. Not “once things calm down.” Right now. We live in an era where someone can wake up in their apartment, throw on sweatpants, make coffee, fire up their laptop, and by lunchtime be running a company that reaches people in all 50 states. That wasn’t possible 20 years ago. It wasn’t even close.

For years, economists have warned about inflation, federal debt, market bubbles, and recessions. But there’s a bigger economic storm forming quietly in the background—one that could reshape everything from Social Security to housing markets to stock returns: a collapsing population growth rate.

I wanted to write a short, quick note given all the carnage out there, today. It’s worth noting that for all that today felt bad, SPX was only down 1.7%, taking us to 2.6% off all-time highs. That said, plenty of recent winners and momentum stocks have been hit hard. What happened?