Market sentiment shifts often reflect capital reallocation driven by political and economic cycles. Institutional investors typically front-load their positions during policy-favorable periods, capturing majority gains in the initial phase. Historical patterns—evident across different administrations—show a common pattern: early-year rally fueled by policy expectations, followed by capital rotation as market participants lock in profits and shift focus to emerging opportunities elsewhere. The remaining tenure often becomes a period where earlier winners plateau while new positions develop, with blame for cyclical downturns concentrated on aging narratives. This cyclical behavior explains why market enthusiasm tends to wane in the latter years, as capital seeks fresh themes and themes with greater upside potential.