Bear markets are when real operators get hired

In bull markets, the best operators are compounding elsewhere — running their own companies, sitting on boards, rejecting recruiter emails. The option value of staying put is high.

Bear markets flip the math. Stock-heavy compensation feels less compelling. Companies they worked at get acquired or shuttered. Kids go to university. Advisors call with "I have someone you should meet" more often.

If you're hiring through a downturn, you're fishing in a pond that's usually closed. The cost of senior talent is real but the quality is measurably different. Don't freeze the top of your org chart. Triple down on it.