--- title: What a Bear Market Means | TIME description: Jill Schlesinger explains what a bear market means to investors. canonical: https://time.com/video/d9xEMfDZ/ og:title: What a Bear Market Means og:description: Jill Schlesinger explains what a bear market means to investors. og:url: https://time.com/video/d9xEMfDZ/ og:image: https://cdn.jwplayer.com/v2/media/d9xEMfDZ/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: What a Bear Market Means twitter:description: Jill Schlesinger explains what a bear market means to investors. twitter:image: https://cdn.jwplayer.com/v2/media/d9xEMfDZ/poster.jpg?width=720 --- # What a Bear Market Means > Sponsored content. Supplied in partnership with TIME. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: What a Bear Market Means [Watch (HLS stream): What a Bear Market Means](https://cdn.jwplayer.com/manifests/d9xEMfDZ.m3u8) (2:50)  _Published 2016-03-08. Jill Schlesinger explains what a bear market means to investors._ --- Jul 27, 2023 7:44 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [Dumb Money: Bull vs. Bear Market](/video/eNejPmGB/) ### Dumb Money: Bull vs. Bear Market [Year-End Tax Tips with Jill Schlesinger](/video/IqlBe550/) ### Year-End Tax Tips with Jill Schlesinger [Are We Headed Toward a Bear Market?](/video/UeyP8t23/) ### Are We Headed Toward a Bear Market? --- ## Transcript [ MUSIC ] Seven years ago stocks reached their bear market lows. On March 9th, the DOW was at 6, 547. Its lowest level since April 15th, 1997. The S & P 500 fell to 676. Its lowest level since September 12th, 1996. And the NASDAQ was at 1268, it's lowest level since October ninth, 2002 just after the . com bust. Since then, markets have charged higher. With me is Jill Schlesinger. So Jill, this was all started by a housing boom, what's going on with housing Right now. Well house is actually in pretty good shape and I think when we go back to that place where the markets were tumbling and it was so frightening because what really precipitating this wasn't just a housing crisis. But it was a crisis that was exacerbated by too much lending and too much borrowing and while some people are fearful that that could happen again. It doesn't look like that's where we are anywhere close to that That one of the big lessons that we saw from the bear market is that when you have the kind of recession that's caused by all these easy credit conditions, gosh, it takes a long time to recover. Seven to ten years or so. And I think the lesson is, we never want to go back to the place where there's so much abundance of lending and borrowing and reckless [ MUSIC ] [ INAUDIBLE ] Around the system. Are there any other lessons that investors or borrowers can take from [ INAUDIBLE ]? I think it's important to recall that the people who came into the crisis with diversified portfolios. They really did get hit very hard in that first year or two, there is no doubt. But after that, the first couple years of the recovery, they started to see their returns. Pile on. And those who got freaked out at the bottom and sold everything. Nothing is working except cash. Well you know what? It was really hard for them to get back in. So I think the lesson is diversification. It may not work in the short- run, but in the long- term it does work. Try not to let your emotions take over. And by the way, having a healthy dose of cash in that portfolio, especially if you're retiring, you have to make withdrawals, is a very good antidote against something horrible happening. So, what can people tell themselves when the market starts to go boom? It's very easy to say this is something that we should do, but like people are human, and this is a very terrifying time. You know, I think it's really helpful if you have almost a list of three bullet points. Number one, I am a long term investor. Number two, I don't need my money all at once. Number 3. Ive been through this, and I know it will get better. Those three things should steady you if you come into any period of time huge market [ UNKNOWN ] one way or the other, and you can't sleep at night. Then you know what, maybe you do have to make a change in your portfolio. Thank you Jess. 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