Fear the Bear or Buy the Bear?

Investors have endured one of the worst stock-market starts to a year in several decades.

The Nasdaq has seen its worst 100-session start to a year in its history. And it has now suffered a larger peak-to-trough decline than it did during the 2020 selloff — 33.8% vs. 32.6%, respectively.

Obviously, with a third of the Nasdaq’s value wiped out and the S&P 500 down more than 20% from its 2022 peak, many individual names have suffered a much worse fate.

Quality stocks are down anywhere between 30% and 50%. High-growth stocks have crashed, some by 70% to 80% or more.

The ripples have been felt outside equities as well. Cryptocurrencies like bitcoin are down 70% from the high (although it’s near key support),

while bonds, which were supposed to be safe-haven assets, have been obliterated.

Despite the very clear bear market we're in right now, these types of declines can often be opportunities.

Data clearly lays out the long-term trend and measures all the way back to 1942. That gives us 80 years of market data to parse.

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