“A Long Overdue Correction”
Warren Buffet says that “being early and being wrong look exactly the same 99% of the time.” So, are we in a market correction or have we seen a major top? They’ll initially look and feel the same.
A market decline is always predicated on a change of opinion for the worse. The difference between a correction and a bear market is when the changed opinion isn’t vindicated, where the fear of recession is proven wrong, the fear of a banking collapse doesn’t happen, or the fear that Greece will leave the European Union is overestimated.