This, Too, Shall Pass

Mar 2014

…there has never been an S&P 500 bear market that wasn’t ultimately completely offset by a subsequent bull market taking stock prices back to their long-term growth trend.  We’re making this point now, because there will undoubtedly be future bear markets (at unpredictable times), and many investors won’t be thinking too clearly at that time.  We want to position ourselves to take advantage of others’ emotional reactions, not to succumb to our own.