Warren Buffett, the Oracle of Omaha, once said to be fearful when others are greedy, and greedy when others are fearful.

The most recent downturn in stocks brought us to an official declaration that we have crossed the line denoting a 20% drop in the S&P 500 index and thereby entering an ‘official’ bear market. In truth we had been flirting with this number a few times already this year, but now it’s official.