Refinancing windows over the next two quarters is a catalyst. If capital markets remain open and companies term out debt at acceptable spreads, equity risk compresses quickly. If they cannot, the thesis changes. In special situations, the catalyst window is even clearer. Spinoffs have defined separation dates. Breakups require board votes and regulatory filings. Lockup expirations release supply on known timelines. These events create forced selling by mandate. Index funds sell because of size constraints. ...