['DATE | Wednesday', 'ORG | Société_Générale', 'PERCENT | 20%', 'PERCENT | 50%', 'stockChange | highs', 'stockChange | slump']
In a Wednesday note, Andrew Lapthorne, head of quantitative equity research at Société Générale, said that while investors are fixated on stock indexes as they near or exceed a 20% pullback from recent highs — the widely used definition of a bear market — it’s common to see a third of the stocks that make up an index slump 50% over the course of a “proper bear market.” (See chart below.)