Managing risk against stock market hubris is a challenge during periods of euphoria. Fortunately, investors need not own the entire stock market. Instead, they can target various sectors and individual stocks within the market in continuing to participate to the upside while still managing against downside risk. Beware flapping the wings of even the most risk protected of stock portfolios too long into a bear market, however, for the wax may still be prone to melting away.
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