Indeed, bull markets are fueled by successive waves of prior skeptics finally capitulating as their fears fade. Eventually, fear turns to euphoria, and that's the stuff of bubbles.

The bubble, as investing phenomenon, has been well studied ever since the 17th-century tulip frenzy. Its counterpart in bear markets is not well understood.

I can find only one bull market, in 1935, that didn't have some material indigestion within its first 12 months.

The upward move at the beginning of a bull market is almost always huge compared with the vacillations late in the bear market. If you try to pick a bottom, you will miss a good part of the action.

There are no good or bad stocks. The company is either good or bad. Stocks are just stocks.

The bubble, as investing phenomenon, has been well studied ever since the 17th-century tulip bulb frenzy. Its counterpart in bear markets is not well understood.