Last Bear Market Was Short-Lived. This One Feels Different

It’s time to navigate through what traders call a “sea of red,” the color used to signal declines in asset prices on their computer screens. Almost everywhere you look right now, it’s crimson.

The S&P 500 has fallen more than 20% from its high on Jan. 3, and the Nasdaq-100 has plunged 30% from its November record. Bitcoin has lost two-thirds of its value since it almost touched $70,000 per token seven months ago. Even a conservative investor, with a sober mix of 60% in stocks and 40% in bonds, is down about 17% this year. And US government bonds, ...