Keep in mind that the typical bear market loss averages about 30 %, but even moderate losses can do a lot of damage to long - term compound returns. (hussmanfunds.com)
It could mean slightly larger bear market losses for diversified stock and bond portfolios. (nytimes.com)
In contrast, «The trend is your friend» is quite useful in reducing the depth of bear market losses, but most popular variants underperform the market over time. (hussmanfunds.com)