Light At The End Of The Tunnel

Is the worst over?

The S&P 500 officially entered a Bear Market just weeks ago, while the Nasdaq officially entered a Bear Market in late February.  I bolded the word “officially” because these are the exact definitions of what a Bear Market is. 

As Marlin Capital readers know, I have been labeling this as a “Bear Market” since late November, even before the indices were 5% off their all-time highs.  As I pointed out in “We’re Not in Kansas Anymore”, the Bear Market started in February 2021.  This is the moment when investor appetite towards risk peaked for this cycle, as was evident in the most speculative names (SPACs, ARKK, Chinese Tech, etc.).