The table also illustrates a long-term Gavekal belief that the | The Financial Analyst

The table also illustrates a long-term Gavekal belief that the bear markets exist for a reason; to shift market leadership from one group of stocks to the next. Hence, once the bear market has started, investors should be spending most of their time trying to identify the next winning trend instead of trying to time their re-entry into the previous—now dead—bull trend.