It's good thing to be cautious with our money, but you can...

It's good thing to be cautious with our money, but you can clearly draw a nerve curve by adding a 20 days lag to the inverted SP graph here.

When the SP is spiking, everyone hoorays this is the king of ASX.
When the SP stagnate and drift, so many people suddenly started to look at the risky side of the concept.

What's fundamentally changed negatively in FBR since then to now? only SP.

The risks are always there, possibly less now, people just ignore risks when they are in good returns.