Looking at U.S. equity markets over the past 70 years, there have been 10 separate bear market events. Based on this suggests that, on average, long-term investors should expect to encounter a bear market about once every 7 years.

One of the most relevant issues at present is the U.S. yield curve. It has been flattening throughout 2021 and so far in 2022 and recent weeks, this flattening has been increasing. In one of its most popular versions, the curve representing the spread between 2-year and 10-year bond yields has fallen to a staggering -0.20%. This is a level I haven't seen since late 2000 at the height of the dot-com bubble.