When you notice that negative feedback loops have started, you have to realise that the negative feedback loops are very weak at first At same time the positive feedback loops are only accelearting They say markets can stay irrational longer than you can stay solvent Most bears see negative feedback loops early and adopt a bearish stance too early, but they fail to disregard the fact that the positive feedback loops have not started their decline yet, and that the negative feedback loops have not started compounding yet So they sell too early And they short too early And they fail to understand that the market can stay irrational longer than they can stay solvent Which is why early bears go bankrupt