The Bear Reality October 4, 2000 Dear Investor: More troubling than this bear market is the denial that surrounds it. Few pundits are willing to call it like it is. However, a quick scan of index returns year-to-date is denial-proof: S&P 500: – 2.9% Nasdaq: – 15.1% Dow: – 6.8% The current bear market possesses three distinct claws: a swooning euro, stratospheric oil prices, and deteriorating earnings. The one that concerns...