The domestic equity market is in the middle of some sort of panic. This an email I sent to clients around 11:45 EST;

Just a quick email in light of what is a panic of some measure in the market. While there is no way to know what comes next there is some market history that supports the market snapping back after this sort of fast decline. As you may know we have tools that are already in your portfolios that are designed to offset some of the decline and they have been performing as hoped for.

The bigger idea here is that if the stock market has an average annual return of 8-10% annually, that of course includes the years that the market goes down a lot. If we can avoid the full brunt of those occasional large declines then that helps long term performance. Not that we won't go down when the market goes down, but the objective is that we go down less. The performance of the tools we are using in this pursuit are doing what we hope they will (repeated for emphasis).

To which I would add that if a bear market has started we know what will happen. The market will go down a lot and scare the hell out of a lot of people, then it will stop going down and then go on to a new high. The only variable is how long that all will take.