{"id":15547,"date":"2021-05-13T08:30:00","date_gmt":"2021-05-13T12:30:00","guid":{"rendered":"https:\/\/einvestingforbeginners.com\/?p=15547"},"modified":"2022-06-01T15:34:47","modified_gmt":"2022-06-01T19:34:47","slug":"next-bear-market-guide","status":"publish","type":"post","link":"https:\/\/einvestingforbeginners.com\/next-bear-market-guide\/","title":{"rendered":"Letter to My Future Self \u2013 Investing in the Next Bear Market (\u201820 Lessons)"},"content":{"rendered":"\n<p><em>Dear Forgetful Andrew,<\/em><\/p>\n\n\n\n<p>It\u2019s really hard to remember the details when too much time passes. So I\u2019m writing to you now so that hopefully you don\u2019t forget what\u2019s most important when the next bear market comes around.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-4.png?strip=all&lossy=1&w=2560&ssl=1\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"684\" src=\"https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-4-1024x684.png?strip=all&lossy=1&ssl=1\" alt=\"\" class=\"wp-image-15556\" srcset=\"https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-4-1024x684.png?strip=all&amp;lossy=1&amp;ssl=1 1024w, https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-4-300x200.png?strip=all&amp;lossy=1&amp;ssl=1 300w, https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-4-768x513.png?strip=all&amp;lossy=1&amp;ssl=1 768w, https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-4.png?strip=all&amp;lossy=1&amp;ssl=1 1080w, https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-4.png?strip=all&amp;lossy=1&amp;w=160&amp;ssl=1 160w, https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-4.png?strip=all&amp;lossy=1&amp;w=480&amp;ssl=1 480w, https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-4.png?strip=all&amp;lossy=1&amp;w=640&amp;ssl=1 640w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/a><\/figure>\n\n\n\n<p>We just exited through one of the fastest bear markets and recoveries that the stock market has ever seen.<\/p>\n\n\n\n<p>Looking back, I guess it was really a correction, but while we were in it, it looked and felt like a bear market. The entire world was upended by a virus, and the unprecedented lockdowns created (what seemed like) eternal uncertainty. Not just in the economy, but with everyone\u2019s personal lives as well.<\/p>\n\n\n\n<p>Fast forward from the correction, the scare from the temporary freezing of the bond market, and the sky-high surge in unemployment, and now the world has proven it can adapt.<\/p>\n\n\n\n<p>Humankind found a way to adapt, have an economy, and survive, like it never had before.<\/p>\n\n\n\n<p>And perhaps that\u2019s <strong>lesson #1<\/strong> for the next bear market:<\/p>\n\n\n\n<ul><li><strong><em>Humans are extremely good at adapting to \u201cthe end of the world\u201d<\/em><\/strong><\/li><\/ul>\n\n\n\n<p>A little over 12 months since we had the pandemic scare, we\u2019re still in the throes of a pandemic, but vaccines have been rolled out and we are rebuilding.<\/p>\n\n\n\n<p>The macroeconomic environment is showing signs of inflation, with the prices of homes, timber, and even corn skyrocketing in recent months. The Fed has committed to keeping the Fed Funds Rate low, and fears about rising interest rates abound.<\/p>\n\n\n\n<p>We just saw the 10-year Treasury cross above 1%, then 1.5%, which triggered a sell-off in the once impenetrable tech growth stocks.<\/p>\n\n\n\n<p>Some policy makers think we should raise interest rates to cool off the roaring hot, rebounding economy\u2014it\u2019s impossible to know what\u2019s going to happen next.<\/p>\n\n\n\n<p>And that\u2019s been the theme throughout 2020 and early 2021; everybody has had their ideas about what\u2019s going to happen next but nobody knows for certain.<\/p>\n\n\n\n<p>With all of the uncertainty that comes with a crisis, we get a tsunami of noise. During uncertainty, we crave explanations and projections.<\/p>\n\n\n\n<p>We want chaos neatly boxed and organized. We want to know that things are progressing back to the plan.<\/p>\n\n\n\n<p>Like the Joker said, \u201c<em>nobody panics when things go \u2018according to plan.\u2019 Even if the plan is horrifying!<\/em>\u201d and, \u201c<em>Upset the established order, and everything becomes chaos.<\/em>\u201d<\/p>\n\n\n\n<p>Things <strong>brings lesson #2<\/strong> for your next bear market:<\/p>\n\n\n\n<!--more-->\n\n\n\n<ul><li><strong><em>Don\u2019t get distracted by the macro. Focus on the micro (great companies)<\/em><\/strong><\/li><\/ul>\n\n\n\n<p>As the market is crashing and people are pontificating about the recovery, most of the attention isn\u2019t on analyzing businesses but rather on analyzing events.<\/p>\n\n\n\n<p>This is the time where investors want to hear about the Fed, interest rates, unemployment, GDP\u2014you know, the stuff that\u2019s usually in the background when things are good.<\/p>\n\n\n\n<p>Suddenly, macroeconomists and macro investors are thrust into the spotlight, and their ability to analyze the latest events takes the center stage in the media and online.<\/p>\n\n\n\n<p>People will suddenly become interested in history (myself included), and will want to study previous crises and doomsday events (the Spanish Flu, the Great Depression, etc).<\/p>\n\n\n\n<p>Don\u2019t waste your time on this noise!<\/p>\n\n\n\n<p>If I had one regret with the bear market of 2020, it\u2019s that I spent too much time on the macro and not enough on the micro.<\/p>\n\n\n\n<p>It\u2019s a lesson well learnt.<\/p>\n\n\n\n<p>While I did a great job adding a beaten up tech stock in April 2020, I succumbed to the noise and purchased a grocery stock in May 2020, when there were so many other bargains out there.<\/p>\n\n\n\n<p>Why?<\/p>\n\n\n\n<p>Because all of the attention was on the macro, on events, and all of a sudden defensive stocks were hot.<\/p>\n\n\n\n<p>Stay away from what\u2019s hot!<\/p>\n\n\n\n<p>Great deals in the stock market are likely to come and go in a flash, and if you\u2019re not committing to finding those deals 110% then you might get only 50% of the benefit rather than 100%, which is a shame (and incredibly common mistake of most investors).<\/p>\n\n\n\n<p>But don\u2019t beat yourself up, because <strong>lesson #3<\/strong> for the next bear market is:<\/p>\n\n\n\n<ul><li><strong><em>It\u2019s going to be alot harder to buy low than you think. Do it anyway<\/em><\/strong><\/li><\/ul>\n\n\n\n<p>It\u2019s a clich\u00e9 as old as time, but everybody wants to buy low and sell high. Pretty much every investor out there thinks that will be the ones to buy \u201cwhen there\u2019s blood in the streets\u201d.<\/p>\n\n\n\n<p>But even Warren Buffett wasn\u2019t able to take full advantage of the 2020 bear market, and he\u2019s one of the best investors of all-time.<\/p>\n\n\n\n<p>In fact, Berkshire\u2019s latest annual meeting was just held over the weekend, and this was one of the qualms from an investor during the Q&amp;A session. Why wasn\u2019t Berkshire more aggressive when the market had its latest flash sale?<\/p>\n\n\n\n<p>As he explained, Buffett\u2019s #1 priority is to keep his business and investors solvent. For an insurance company facing an unprecedented black swan, this might\u2019ve meant keeping more cash liquid than would\u2019ve been ideal.<\/p>\n\n\n\n<p>It\u2019s easy to play armchair quarterback.<\/p>\n\n\n\n<p>But when the bond market froze up to an extent that even an investment grade company like Berkshire would\u2019ve been unable to issue debt, cash is king and essential for survival.<\/p>\n\n\n\n<p>We were facing the possibility of zero revenues for an incredible amount of businesses because of the pandemic. How can you make revenues when everything is shut down?<\/p>\n\n\n\n<p>Again, with hindsight, we adapted and found a way.<\/p>\n\n\n\n<p>But there was no guarantee we would do so very quickly, and there was plenty of carnage of businesses who did not have the balance sheets to withstand this crisis (Hertz, JC Penney, Chesapeake, etc).<\/p>\n\n\n\n<p>Sometimes the safest thing isn\u2019t the most ideal thing, but Berkshire\u2019s longevity is proof in the pudding that this strategy works over the long term.<\/p>\n\n\n\n<p>What did Berkshire do well during this bear market?<\/p>\n\n\n\n<p>Well, that\u2019s <strong>lesson #4<\/strong> for the next bear market:<\/p>\n\n\n\n<ul><li><strong><em>Stay fully invested in the market, especially if you have a long time horizon!!<\/em><\/strong><\/li><\/ul>\n\n\n\n<p>While Berkshire did sell some airline stocks at close to their lows, their overall contribution to Berkshire\u2019s entire portfolio was extremely minimal.<\/p>\n\n\n\n<p>In effect, Berkshire stayed fully invested through the crash and recovery.<\/p>\n\n\n\n<p>One of the best things I did in my own portfolio was the exact same thing. And wow was it hard.<\/p>\n\n\n\n<p>The first thing you don\u2019t realize until a bear market slaps you in the face is that looking at your portfolio will bring you an emotional toll.<\/p>\n\n\n\n<p>There\u2019s nothing like seeing stocks which used to be up +20%, +30%, or even +50% drop down to 0% or even -50% as the bear grips Wall Street.<\/p>\n\n\n\n<p>Even if you might <strong>know<\/strong> it\u2019s not true, you\u2019ll <strong>feel<\/strong> like your investment was completely wasted as your total return dips or stays flat.<\/p>\n\n\n\n<p>But remember, remember, remember\u2026 it\u2019s not wasted:<\/p>\n\n\n\n<ul><li>The underlying business has been compounding capital this whole time<\/li><li>You\u2019ve been compounding capital through dividend reinvestment<\/li><\/ul>\n\n\n\n<p>Luckily for me, I\u2019ve had this mindset ingrained in me since the beginning, so I stayed invested because there was never any other choice in my mind.<\/p>\n\n\n\n<p>But it did feel awful. I felt like a horrible investor. And this was especially compounded as the market flocked to the stocks they perceived as safe\u2014like the FANGs, and WFH stocks.<\/p>\n\n\n\n<p>They say a picture says a thousand words. Here\u2019s a screenshot of my portfolio (from <a href=\"http:\/\/get.einvestingforbeginners.com\/sather-research\/\" data-type=\"URL\" data-id=\"http:\/\/get.einvestingforbeginners.com\/sather-research\/\" target=\"_blank\" rel=\"noreferrer noopener\">The Sather Research eLetter<\/a>) during the brutal correction, on April 1, 2020:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-1.png?strip=all&lossy=1&w=2560&ssl=1\"><img decoding=\"async\" width=\"1024\" height=\"958\" src=\"https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-1-1024x958.png?strip=all&lossy=1&ssl=1\" alt=\"\" class=\"wp-image-15550\" srcset=\"https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-1-1024x958.png?strip=all&amp;lossy=1&amp;ssl=1 1024w, https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-1-300x281.png?strip=all&amp;lossy=1&amp;ssl=1 300w, https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-1-768x719.png?strip=all&amp;lossy=1&amp;ssl=1 768w, https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-1.png?strip=all&amp;lossy=1&amp;ssl=1 1046w, https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-1.png?strip=all&amp;lossy=1&amp;w=160&amp;ssl=1 160w, https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-1.png?strip=all&amp;lossy=1&amp;w=480&amp;ssl=1 480w, https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-1.png?strip=all&amp;lossy=1&amp;w=640&amp;ssl=1 640w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/a><\/figure>\n\n\n\n<p>And here\u2019s where we were one year later, April 1, 2021:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-2.png?strip=all&lossy=1&w=2560&ssl=1\"><img decoding=\"async\" width=\"1024\" height=\"939\" src=\"https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-2-1024x939.png?strip=all&lossy=1&ssl=1\" alt=\"\" class=\"wp-image-15551\" srcset=\"https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-2-1024x939.png?strip=all&amp;lossy=1&amp;ssl=1 1024w, https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-2-300x275.png?strip=all&amp;lossy=1&amp;ssl=1 300w, https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-2-768x704.png?strip=all&amp;lossy=1&amp;ssl=1 768w, https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-2.png?strip=all&amp;lossy=1&amp;ssl=1 1037w, https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-2.png?strip=all&amp;lossy=1&amp;w=160&amp;ssl=1 160w, https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-2.png?strip=all&amp;lossy=1&amp;w=480&amp;ssl=1 480w, https:\/\/eor7ztmv4pb.exactdn.com\/wp-content\/uploads\/2021\/05\/next-bear-market-2.png?strip=all&amp;lossy=1&amp;w=640&amp;ssl=1 640w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/a><\/figure>\n\n\n\n<p>Over about a 12 month period, you had to sell Carnival cruise ships, Southwest Airlines, Sanderson Farms, Disney, and American Eagle.<\/p>\n\n\n\n<p>Their businesses had <strong>fundamentally changed<\/strong> not just during a possible recession, but for the long term.<\/p>\n\n\n\n<p>What\u2019s key is that you <strong>reinvested<\/strong> these funds as fast as you could find the right investment opportunities.<\/p>\n\n\n\n<p>In my case, that meant spreading them out over 1-3 months. That meant <strong>selling them slowly<\/strong>, as <strong>the facts changed<\/strong> instead of as my opinions on them changed.<\/p>\n\n\n\n<p>And that was the <strong>best<\/strong> thing I\u2019ve ever done.<\/p>\n\n\n\n<p>Of course I can\u2019t take all of the credit, as I had plenty of help from podcast co-host and business partner Dave Ahern during the crisis. Having his outside perspective helped take a lot of the emotions out of it, as we both processed the rapidly changing investing landscape.<\/p>\n\n\n\n<p>Dave really emphasized the point to me of deeply analyzing if a business had fundamentally changed, and not worrying about making a complete portfolio transformation all at once.<\/p>\n\n\n\n<p>Slowing down, and thinking over months rather than weeks or days, made all of the difference in the world.<\/p>\n\n\n\n<p>Selling slowly and waiting for the facts to change\u2014<strong>that\u2019s<\/strong> called staying invested, through a crash and recovery. That was the right move in a world where the pandemic has significantly altered the businesses of many for years into the future.<\/p>\n\n\n\n<p>But what was also key was understanding the difference between real change and temporary fear. <strong>Lesson #5<\/strong> for the next bear market.<\/p>\n\n\n\n<ul><li><strong><em>There\u2019s never a more important time to distinguish between short term and long term turmoil<\/em><\/strong><\/li><\/ul>\n\n\n\n<p>To say that financials get muddy during a crisis would be an understatement.<\/p>\n\n\n\n<p>Of course companies\u2019 earnings are going to contract during an economic contraction. That\u2019s the definition of a contraction.<\/p>\n\n\n\n<p>This is going to wildly skew traditional value metrics like P\/E, P\/FCF, especially for those companies which are more cyclical than others.<\/p>\n\n\n\n<p>Because as earnings drop, the P\/E rises, etc. So a high P\/E isn\u2019t always bad, as long as the turmoil is <strong>short term<\/strong> rather than <strong>long term<\/strong>.<\/p>\n\n\n\n<p>But you also have to be manically careful about super low P\/E\u2019s and P\/FCF\u2019s. Value traps are EVERYWHERE during a time like this.<\/p>\n\n\n\n<p>While Wall Street is emotional, it\u2019s also not dumb.<\/p>\n\n\n\n<p>Stocks that are getting beaten down are getting beaten down for a reason. And so when a company has a trailing P\/E of 5 because it had a great 2019 but 2020 is about to be a circus, don\u2019t blindly invest because you think Wall Street is dumb and the stock is stupid cheap.<\/p>\n\n\n\n<p>Especially if you are concerned with finding great <strong>long term<\/strong> investments.<\/p>\n\n\n\n<p>Speaking of those, that brings us to <strong>lesson #6<\/strong> for the next bear market.<\/p>\n\n\n\n<ul><li><strong><em>Now\u2019s the time to load up on the very best businesses<\/em><\/strong><\/li><\/ul>\n\n\n\n<p>Like I said with lesson #2, there\u2019s going to be so much useless noise at a time like this. Don\u2019t let it distract you.<\/p>\n\n\n\n<p>Go find those best of breed businesses, and evaluate whether this upcoming crisis will radically change their business or not.<\/p>\n\n\n\n<p>This will be the fun part of the bear market.<\/p>\n\n\n\n<p>But it\u2019s also the hardest part.<\/p>\n\n\n\n<p>Turn off CNBC, stay away from stock tickers. It will be incredibly hard to keep away from the action as the exchanges hit their limits and close.<\/p>\n\n\n\n<p>The volatility will be INSANE!<\/p>\n\n\n\n<p>The options market will be INSANE!<\/p>\n\n\n\n<p>Don\u2019t waste your time trading options and trying to make a quick buck!<\/p>\n\n\n\n<p>Spend all of your time massively accumulating a circle of competence on the very best businesses in the world, and pull the trigger if Mr. Market is offering you a fair price for them.<\/p>\n\n\n\n<p>Even the best businesses probably won\u2019t drop to the level of discounting that you\u2019d like. That\u2019s okay.<\/p>\n\n\n\n<p>Take a look at this historical price-based ratios that the company has usually traded at. Compare it to historical market ratios. Remember to adjust for short term mutations.<\/p>\n\n\n\n<p>Once you\u2019re presented an attractive enough price for a best-of-breed business that you can see yourself holding for 10-20+ years, buy it.<\/p>\n\n\n\n<p>Do it.<\/p>\n\n\n\n<p>Do it.<\/p>\n\n\n\n<p>I\u2019m not saying you need to be overly aggressive. Don\u2019t mortgage your home to buy these things. Don\u2019t make drastic changes to your portfolio.<\/p>\n\n\n\n<p>Simply keep the same path that you\u2019ve always done. Continue dollar cost averaging like you always have done, just focus on best-of-breed businesses.<\/p>\n\n\n\n<p>Because history shows us that the stock market will continue falling especially during prolonged bear markets.<\/p>\n\n\n\n<p>Your favorite company could be on sale for the next 5 months, or even 5 years.<\/p>\n\n\n\n<p>Don\u2019t obnoxiously back up the truck, when the stock that\u2019s on sale can (and probably will) fall another -25% or -50% from here.<\/p>\n\n\n\n<p>Every bear market is different, and so just because we had a turbo recovery in 2020 doesn\u2019t mean that the next one will behave the same way.<\/p>\n\n\n\n<p>Finally, there\u2019s lesson #7, our last lesson for the next bear market:<\/p>\n\n\n\n<ul><li><strong><em>Don\u2019t worry about being optimal. Just be good enough.<\/em><\/strong><\/li><\/ul>\n\n\n\n<p>A great many investors have talked about failures of omission\u2014stocks they passed up on and crises they didn\u2019t fully take advantage of.<\/p>\n\n\n\n<p>The fact of the matter is that nobody\u2019s perfect, in an area of life.<\/p>\n\n\n\n<p>It\u2019s not realistic to expect perfection, and especially during a crisis.<\/p>\n\n\n\n<p>Just do what you can and stick to the basics of investing:<\/p>\n\n\n\n<ol type=\"1\"><li>Buy and hold for the long term<\/li><li>Stay <a href=\"https:\/\/einvestingforbeginners.com\/one-last-rule-importance-diversification\/\" data-type=\"post\" data-id=\"2605\">diversified<\/a><\/li><li>Continue <a href=\"https:\/\/einvestingforbeginners.com\/dollar-cost-averaging\/\" data-type=\"post\" data-id=\"4480\">dollar cost averaging<\/a><\/li><li>Don\u2019t try to time the market<\/li><li>Be patient<\/li><li>Let <a href=\"https:\/\/einvestingforbeginners.com\/compounding-interest\/\" data-type=\"post\" data-id=\"3066\">compound interest<\/a> do its magic<\/li><li>Invest with a <a href=\"https:\/\/einvestingforbeginners.com\/margin-of-safety-daah\/\" data-type=\"post\" data-id=\"15252\">margin of safety<\/a>, emphasis on the safety<\/li><\/ol>\n\n\n\n<p>Maybe now\u2019s a great time to pursue other interests as well. There\u2019s more to life than the stock market.<\/p>\n\n\n\n<p>Don\u2019t let the brutal economy and market take away from the other joys in life. Be grateful if you have a roof over your head, and food to eat, and time to relax.<\/p>\n\n\n\n<p>Even having people to see\u2014that was something you took for granted your entire life, and then suddenly we were all quarantined and six feet apart. Hopefully the world won\u2019t have to go through that again.<\/p>\n\n\n\n<p>Investing is a thinking game, and overworking doesn\u2019t make for better thinking or decisions.<\/p>\n\n\n\n<p>Now\u2019s the time to zoom out and have perspective on the big picture, even if the short term looks so grim.<\/p>\n\n\n\n<p>You\u2019ll never regret finding more balance in your life\u2014this too shall pass.<\/p>\n\n\n\n<p>On the flip side, stay curious, use this as an opportunity to learn and grow. Every new market environment provides new lessons and challenges, and at least that keeps things interesting.<\/p>\n\n\n\n<p>There\u2019s never enough to say, and I\u2019ll leave it at it here.<\/p>\n\n\n\n<p><em>Your Mentor,<\/em><\/p>\n\n\n\n<p><em>Andrew Sather<br>A \u201820 Survivor<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dear Forgetful Andrew, It\u2019s really hard to remember the details when too much time passes. So I\u2019m writing to you now so that hopefully you don\u2019t forget what\u2019s most important when the next bear market comes around. We just exited through one of the fastest bear markets and recoveries that the stock market has ever [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[5963,3],"tags":[],"yst_prominent_words":[],"_links":{"self":[{"href":"https:\/\/einvestingforbeginners.com\/wp-json\/wp\/v2\/posts\/15547"}],"collection":[{"href":"https:\/\/einvestingforbeginners.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/einvestingforbeginners.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/einvestingforbeginners.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/einvestingforbeginners.com\/wp-json\/wp\/v2\/comments?post=15547"}],"version-history":[{"count":1,"href":"https:\/\/einvestingforbeginners.com\/wp-json\/wp\/v2\/posts\/15547\/revisions"}],"predecessor-version":[{"id":20596,"href":"https:\/\/einvestingforbeginners.com\/wp-json\/wp\/v2\/posts\/15547\/revisions\/20596"}],"wp:attachment":[{"href":"https:\/\/einvestingforbeginners.com\/wp-json\/wp\/v2\/media?parent=15547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/einvestingforbeginners.com\/wp-json\/wp\/v2\/categories?post=15547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/einvestingforbeginners.com\/wp-json\/wp\/v2\/tags?post=15547"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/einvestingforbeginners.com\/wp-json\/wp\/v2\/yst_prominent_words?post=15547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}