Dear Smart Investor, Around March last year, investors were faced with a strange situation. Bond yields were at record lows while stocks were rampaging upwards like an unleashed bull. Valuations were frothy while stock prices in the US reached stratospheric levels as numerous growth stocks flitted with new all-time highs. The prevailing catchphrase back then was “there is no alternative”, more commonly known by the acronym “TINA”. TINA symbolised a scenario where investors had no viable option but to continue purchasing stocks to meet their long-term investment goals. The alternative was cash would get eroded by inflation. Fast forward a year later, and we are witnessing a sharp decline in both share prices and valuations of these same growth stocks. The NASDAQ Composite Index has fallen by 13.3% in April alone and is now around 24.4% off its all-time high, plunging the bellwether technology index into its second bear market in as many years....