US S&P 500 index hit an all-time high of 4,818.62 points on 4 January. It then declined, diving steeply after Russia invaded Ukraine on 24 February. At its 2022 bottom, the index hit a low of 3,636.87 on 17 June. This left US stocks in a bear market, defined as a fall of 20%+ from a previous high. However, stocks have rebounded strongly since the lows of mid-July. This led many financial pundits to declare that 2022’s bear market is over and done with. But I’m unconvinced, because inflation kept rearing its ugly head through the 1970s. I also fret about rising interest rates on both sides of the Atlantic. . . .