I love this sentence "when stocks are falling hard in a bear market, fundamentals usually imply higher future returns for stocks – even when the recent past suggests otherwise".   Its so true. When stocks are expensive do your planning. When stocks are well priced / discounted go big as long as fundamentals are strong. Rehearse a bear market in your head to help manage your emotions. Successful investing comes from doing the opposite to the masses, and buying into companies with strong fundamentals and good valuation. Always plan ahead.