By definition, someone who is bearish during a bull market believes that they are smarter than the market.

This also means that they believe they're smarter than market participants, like you and me.

So when they continue to be proven wrong, they get angry because they have to confront the fact that they're getting outperformed by people who are dumber than them, according to them.

Instead of being humble and accepting that the market is right the significant majority of the time, they suffer from cognitive dissonance and ignore objective facts in order to protect their house of cards and their ego.

They can't admit that they were wrong because it would implicitly admit that they are dumb or that dumb people were better than them.

In reality, they aren't dumb.

More often than not, they're actually too smart for their own good.

It's one hell of a psychological trap.

As a former Doomer, I know this trap better than most.

This is why removing your ego from the market is arguably one of the most important things that you can do as an investor. If you only operate to be right and to protect your ego, you won't be able to change your mind and adapt to an ever-changing market landscape.

You must (!!!) adapt or be prepared to adapt, continuously.

I can't stress the importance of this enough.

It's why one of my favorite phrases about the market and investing is this: it's okay to be wrong, but it isn't okay to stay wrong.

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