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Look at this chart:Intellectually, we know a bear is coming, but I don’t think people understand it emotionally. And people have gotten used to what Jason Zweig of the Wall Street Journal called “Teddy Bears.” These bears recovered very quickly.
Here's Zweig's article referenced in this one: https://wsj.com/articles/what-happens-when-stocks-only-go-up-11619794810Intellectually, we understand recency bias, and most of us know a bear can be fiercer and hang around much longer. Zweig noted U.S. bears have lasted nearly 20 years. And just recently, the Japanese stock market recovered from its 1989 high—that’s 30 years! If you think that can’t happen here, I suggest you rethink your position—and I’d do it sooner rather than later.