Deleveraging and deflation in worth means money varnish in thin air, as same as the opposite of money created in thin air.

Yield is getting higher, so those extra cash can buy those higher yield asset.

Remember when a bond being sold down (that resulted yield getting higher), there is still a buyer and a seller.

Money is not always constant, aka if there is 1 million, then the 1 million must be somewhere.
It doesn't.

A simple scenario, if stock market plunging, resulted value become lesser, then where is the money goes?
It varnish.
Nobody is winner, everyone losing money. So 100 million worth become 50 million, where is the 50 million, gone with thin air.

While in bullish market, everyone is making money, who is loser?
No one.
Money become more and more.

Stock market is never a zero sum game.
Only futures market is.

Padini going face tough time from its competitor. H&M apparel is appealing to ladies, i always see full on or off sales during weekend. Uniqlo apparel on the other hand, some of it not so suitable for local weather.