How bear markets start

The way bear markets work is something happens. It's a shock. People get over it. Then something else, and you know. In 2007, Iceland went bankrupt.  Iceland? Who's Iceland? What do you-- who cares? Then Ireland went bankrupt and the next thing you know, Lehman's going bankrupt. But that's the way these things always work. They start on an outlier, a marginal company, marginal country, and then it leads, and then everybody says, oh, well, we knew that. We knew it was a bear market coming. Well, they usually don't. They shake it off until it's too late.