With SPACs and former SPAC stocks – same thing.Virgin Galactic is down 88%.

Skillz, another former SPAC in the “hot” online gambling sector, 90%.

Zoom and Peloton, the supposed pandemic winners… get this. Zoom is down 76% and Peloton is down 88%.

Even Moderna has lost two-thirds of its value.

All in the last year.

:If you were “buying the dip” on any of those when they were down 10% or 20% or even 30%, you’re in a world of pain.

Yes. And it’s always the high-flying garbage that goes first. I don’t think these examples are outliers. They’re just the first to go. They’re showing us what’s coming. It’s a big clue and you ignore it at your peril.

This could be the beginning of the next bear market.

And the people who think this is a “buy-the-dip” moment are going to get crushed.

Maybe it’s a buyable dip and maybe it’s not. Nobody knows that. But let me ask you this, with stocks more expensive than ever before, do you really think it’s the right moment to try to squeeze another 10% out of Tesla or Zoom?

Look back at what happened in the 2000 crash.

The Nasdaq peaked in March of that year.

By December it had been cut in half.

But, even then, everybody thought it was limited to tech.

The S&P 500 was down just 9%. Not even a “correction” by the usual standard.

But over time that changed. Everything fell.

By the time things bottomed out on October 9, 2002, the Nasdaq was down 77% and the S&P 500 was down 44%.