Bear Market? A Not So Absurd Proposition

The thing about bear markets is that you don't know you're in one until it has already happened. I know. I know. To even entertain the idea that we may be entering a bear market seems absurd. After all, U.S. large-cap stocks aren't too expensive on a valuation basis, the Federal Reserve is confident in the recovery, and leading indicators are not signaling an impending recession.