How do you capture alpha? Simply 2 ways, perform higher than the benchmark in the bull market or fall less than the benchmark in a bear market. And perhaps variants of this - performing average in a bull market but being unaffected in a bear market and anything in between like average in bear market but super high returns in a bull market. Considering the double digit S&P 500 returns one must ponder what comes next - if anything 8-10% returns on average are not the norm. If a bear market rare and unpredictable as it may be comes, one must be ready and watch for some signs. ChatGPT provided some answers below: A bear market in the S&P 500 doesn't typically start solely due to high valuations, but valuations can certainly play a role in triggering or contributing to it. Bear markets usually emerge from a combination of factors, including: 1. **Economic Slowdowns**: A...