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The equity selloff last week is beginning to make it feel like we’re in a lather, rinse and repeat market. As a result, investors are going through the expected range of emotions, from complacency to turmoil and back again, but this time it’s occurring in a few months rather than the more typical multi-year cycle.

We’ve been in a secular bear market since the bursting of the technology bubble in 2000

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Bipolar headline reporting certainly doesn’t help investors decide what to do. Just look at the numerous articles in April that indicated the “sell in May” phenomenon would not exist this year because markets were well on their way to recovery. Investing calls have now swung to the negative, which is not surprising given the potential collapse of the European Union.

We took a contrarian view in April, suggesting a more cautious outlook in “Opportunities for the contrarians,” and we once again beg to differ with prevailing market sentiment if you’re taking a longer-term view of the markets — and by longer we mean years, not months or weeks.