Two Paths to the Bear Market

take your pick!

I've had the same general approach to the market going back to late 2021, when I turned against tech.

In a nutshell, one doesn't need Nasdaq to make money in a bull market anymore or Nasdaq will be the epicenter of a bear market. In either case, underweight Nasdaq.

Additionally, macroeconomic forces are moving against the U.S. stock market similar enough to the late 1990s for it to be a useful analog.