“Investment success doesn’t come from 'buying good things,' but rather from 'buying things well.'” - Howard Marks
During any market-topping process you hear almost nothing about the possibility of a bear market, even a mild one, since investors are so excited about the potential upside and become irrationally complacent about losing money. One shared characteristic of 2000, 2007, and 2018 is that very few bothered to consider the potential downside risk. This was especially true in 2018 since we had experienced U.S. equity bull markets which had lasted for roughly 9-1/2 years and seemed as