1/ Given the current market environment, I find it useful to revisit Baupost's 2014 letter.

To be clear, I'm not calling a market top. Market timing is not my game and I'm a long-term optimist.

But I find it instructive to re-internalize the feelings of a bear market.

2/ "It’s hard, with the performance pressures investors experience in a bull market, to remain properly focused on downside protection and capital preservation."

3/ "we remind our team that you’re never as smart as a bull market makes you seem (or as dumb as a bear market makes you feel)."

4/ "Amid a severe market decline, you will regret almost anything you thought about selling but didn’t..."

5/ "Everything you thought you knew starts to seem wrong...Or are the facts worse that you thought, the earnings and cash flow eroded, the “compounder” blemished, or are other bargains now simply more appealing?"

6/ "Transactions take place instead on the bloody battlefield of forced or panic selling as many people confront a growing need for cash to meet redemptions, margin calls and debt maturities, or to build-up reserves against a lengthy bear market."

7/ "Some investments in bear markets become cheaper than you ever thought possible...You can buy all you want, but whether you actually want to be a buyer will be tested and re-tested."