This year marks the 110th edition of the Tour de France, the most prestigious bicycle race in the world. The 2,200-plus mile route, which takes about three-weeks to complete, changes every year and starts in different countries. Like the race, economic and market cycles have different starting points, and no two are alike. The current economic cycle began with a historic pandemic and has been challenged by inflation, war and unprecedented fiscal and monetary policy changes – factors that have at times exhausted investors. But while the course may change, the goal for cyclists and investors is constant: Determine what stage of the race you are in, make adjustments when necessary and maintain a long-term perspective.