The Bear Market

Economic pain continued during the third quarter as we churn through a bear market in the equity and fixed income markets.  So far, this bear market has followed the script of past bear markets pretty closely.  Both stocks and bonds rallied during July and August, leading some pundits to declare the bear dead and cheering on the new bull.  To quote Mark Twain, reports of the bear’s death have been greatly exaggerated.  Renewed selling in September has shown that the bear market still has some bite.

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