Feeling Better Already

Don Luskin reassures us that the stock market will bottom out at some level higher than 0:

Every single bear market feels like stocks are going to zero. But they never do. The average bear market, over history, has racked up stock losses of 33.2% at the point of greatest decline.

This seems like a pretty weak claim. I believe I once made a joke about the Dow being on pace to hit zero before year’s end, but of course that’s not going to happen. Hardly means there’s nothing to worry about. Meanwhile, this is actually one of the less-dumb portions of Luskin’s piece. See Belle Waring for more.