"WINTER IS COMING!"
If you watched the popular series "Game of Thrones" you will recognize the warning. It cautioned that when winter comes to Westeros, it is unspeakably brutal and denizens must be prepared if they have any hope of surviving. This is periodically true in the investment world. Markets move in both short and long-term cycles. An investment strategy that is successful during the bull (summer) phase of a long term cycle is unlikely to be suitable for the bear (winter) phase of the cycle. While all winters (down cycles) are tough, some are horrific.