If you were trading/investing from 2000 – 2002, today’s stock market action likely gave you a sense of déjà vu. It certainly did for us. The current bear market has taken as much out of the S&P 500 in 6 months as was the case in the first 12 months during the early 2000’s downturn. Also, recall that the Fed shifted to an aggressive easing stance in early 2001 and that did nothing to end the bear market because of uncertainty around corporate earnings, which fell by 32 pct. Bottom line: bear markets always end, but we remain cautious/defensive.