The Bull Market officially ended. Growth was already slowing, and asset prices had lofty valuations. We have been thinking we had already been in a Bear Market for two years, starting in January of 2018 and accelerating during the holidays that same year with what will be remembered on Wall Street as the “Christmas Massacre.” Bear Market rallies bring a series of fake-outs, and they lull investors into thinking it’s safe to participate. Then boom! It dropped fast again.
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