I am a stock market bear. And I have been a stock market bear for quite a while. Being bearish does not mean that my stock portfolio is empty and that I’ve been hiding out in a bunker waiting for the market world to end. To the contrary, I own a solid roster of stocks as part of a portfolio allocation that includes a broad range of uncorrelated asset classes. One of the many reason for owning stocks despite my bearishness is the recognition that a number of reasons also exist to be bullish on stocks. For just as the stock market bull is best served by constantly evaluating the bearish scenarios and adjusting accordingly, so to is the stock market bear best served by constantly evaluating the bullish scenarios and also adjusting accordingly.
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