Is There a Bear Market?

I never forecast the markets. It's one of my frustrating when I used to do all the media appearances in the 1980s and 90s. But what I can tell you is that in terms of bear market statistics, we could still easily be in the first half of this bear market. We have cut our allocation back since our interview in April to where we are under a net 40% invested in equities today. That's lowest level since the washout of the tech bubble.