Equities are significantly overvalued, and investors are nervous. In these circumstances, it takes little to set off a wave of selling. Bear markets start gradually then gather momentum. Sudden deep plunges early in a bear market (such as 1987 or 2020) are unusual. They often hit the low point about 30% – 40% of the way through the total bear market. Bear markets initially fall until they reach fair value vis-à-vis earnings. Further declines depend largely on whether and the extent to which earnings fall. Recovering from the low point of bear market to the previous high is typically a long slog. The rapid 1982 and 2020 recoveries were unusual.