Forget the technicalities. We are in a bear market. The indices might not fit the definition since they are not down 20%, but the majority of stocks have been slaughtered. US growth stocks peaked in February 2021 and the rest of the market joined them this year.

70% of NASDAQ stocks are down 20% or worse. 1 in 5 NASDAQ stocks has lost 50% or more. And this was all before the indices dropped another 3% yesterday – the market’s worst day in 17 months. Buying the dip hasn’t worked yet. Over the long haul, we should all be confident that it will. But it hasn’t paid off yet.

Commodities are good hedges during wars or crises but they have not performed over the long-term like stocks. They are always boom and bust