Most people haven't seen a real bear market, in the past 13 years we saw a little bear in 2015 but even that was more a correction where plenty of things held up and even went up, 2018 we had a small bear but it was only 3 months or so, covid was just a very short puke and recover. In a real bear like the GFC and MAYBE now, people get shocked just how low things can go. Until the market turns the pressure will remain on the downside on the vast majority of names
Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-97
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