The Stock Market Is a Classic Bear Market

You're talking like everything is a monolith. It's not. The stock market is very heterogeneous. I think there are already some stocks that are bottomed. A typical bear market lasts about a year. More stocks decline to go up and the average decline is somewhere in the range of 25% to 30%. But that definition you know the Russell index peaked almost two years ago and is down 30% from its high. So I think we're finding a lot of stocks that have been through a classic bear market and I just have low expectations for the market.