When Bad News Is Good News

As our clients know, we have a bearish long-term view on equities. However, we are well aware of the profitable opportunities that swift and furious bear market rallies present to nimble investors. In this short daily note, we will start by summarizing our long-term views on the market, followed by a discussion of why, in all likelihood, we are at the beginning of the next bear market rally. We will also offer a few ideas of how investors can profit from it.