For many, it's the same financial outcome regardless of whether the bears are right or wrong 🤑
Here I am commenting again, but hey Sam, you inspire a lot of thought. Behavioral economics are fascinating. Negativity captures more attention than positivity, so people are fed more negative stories about the market and fear is usually more prevalent than calm until there's a sudden euphoria of a rising market followed by a big drop.
People remember losses more than gains and the feeling of safety outweighs the reality of actually putting yourself in greater (financial) danger, so investors act against their own best interests .
I believe it's a lot of the reason the hocus pocus of good chartists actually works to some extent. They are playing of of behavioral trends. As an optimist and pragmatist I've been able to keep investing like an emotionless robot through 2002 and 2008. It wasn't fun at times but it worked out. I think Warren Buffett mastered this decades ago when he said be fearful when others are greedy and greedy when others are fearful. Basically, buy when there's blood in the streets. It may not work out immediately but usually does in the long run.