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

John Stuart Mill’s quote highlights that market panics do not create losses but reveal prior misallocation of capital. The piece explains how speculative excesses built during bull markets surface during downturns, offering a lesson for investors to prioritise fundamentals, disciplined capital allocation and sustainable long-term value creation.