Quote of the day by John Stuart Mill: "As a rule, Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works

The article presents a John Stuart Mill quote suggesting that market panics expose rather than create financial destruction, revealing pre-existing weaknesses in capital allocation. It argues that speculative ventures and overvalued assets often mask poor fundamentals during bullish periods, with downturns simply bringing hidden misallocations to light. The piece offers a philosophical reminder for long-term investors to focus on disciplined capital allocation and fundamentals rather than market euphoria.