Bears

In financial terms, a "bear" refers to an investor who believes that the value of a particular asset or the overall market is likely to decline. A bearish investor typically takes a negative view on the market and may sell their assets or take short positions in anticipation of a downward trend.

A bearish investor may believe that there are economic or political factors that could negatively impact the market, or they may analyze technical indicators that suggest the market is overbought or due for a correction.

Overall, a bearish investor is generally more cautious and risk-averse than an optimistic, or "bullish," investor who believes that the market will continue to rise.

There are some common psychological traits that may be associated with a bearish investor:

1. Caution and risk-aversion: Bears are typically more cautious and risk-averse than bullish investors. They may be more focused on preserving capital than on maximizing returns, and may be more willing to sell their assets or take short positions to protect themselves from potential losses.
2. Skepticism: Bears may be more skeptical of market trends and economic data, and may be more likely to question the conventional wisdom or prevailing consensus. They may be more inclined to do their own research and analysis, rather than relying on others' opinions or recommendations.
3. Pessimism: Bears may have a generally negative outlook on the market, and may be more likely to anticipate bad news or negative events. They may be more inclined to focus on potential risks and downsides, rather than opportunities and upsides.
4. Independent thinking: Bears may be more inclined to think independently and outside the box, rather than following the herd. They may be more willing to take contrarian positions, and may be less influenced by social pressures or popular opinion.

It's worth noting that being a bearish investor is not necessarily a negative or pathological trait. A healthy dose of skepticism and caution can be a valuable asset in the world of investing, and may help investors to avoid costly mistakes and protect themselves from market downturns.

An old saying in financial markets is that "bulls make money, bears make money, and pigs get slaughtered."

Another saying about perma-bears like the ones featured in the film The Big Short is that it's so rare that they make money that when they do, they make a movie about it. The long arc of history is towards growth and higher markets; that's tough to bet against.