"Don't sell the bear's skin before you've killed him."
Sounds like practical advice... but that was exactly what the "bearskin jobbers" did.
Bearskin jobbers were the middlemen in the bearskin trade, back when selling animal skins was a way to put food on your table.
They had some shady practices. They would sell bearskins they had yet to receive. Basically, they would speculate on the future price of the skins, hoping the price would drop in the future. The difference between what they received and what they paid down the road would be their profit.
As you might guess, bearskin jobbers had an unpredictable income stream. Hence the warning that we quoted earlier.
Fast-forward a few centuries... Folks gambling in the stock market were doing the same thing as the bearskin jobbers. An investor would sell a stock he or she didn't own and hope to buy it back for a cheaper price in the future. We know this as "short selling" today. At the time, it was known as "selling the bearskin."
Bearskin jobber was shortened to just "bear," which is how a 20% drop in stocks became known as a "bear market."
Or at least that's one popular theory...
There are more theories out there about how the bear and bull markets got their names. But whether this one is true or not, it's an analogy that's important to understand if you want to be successful in the market.
Bear markets sting. Most have a sharp price drop – with the average drawdown around 40% – in a short amount of time. Think back to 2008... I heard from plenty of folks who saw their nest eggs cut in half or more. Bear markets cut deep.
Right now, some analysts are predicting that the war in Iran – and the resulting spike in energy prices – will spark the next bear market.
You don't want to start selling your bearskins just yet, though...
Even if a bear market comes, no one can be sure when it will start. This is what we do know: When markets are volatile – like we're seeing today – patient investors can seize incredible buying opportunities.
My friend and Wall Street legend Marc Chaikin – founder of our corporate affiliate Chaikin Analytics – has a way to profit from all this fear and uncertainty...
He warns that we could soon enter what he calls a "Bear Market Window." This is a historically volatile stretch that begins around the start of the second quarter in midterm election years.
It's a time that has often coincided with major corrections and bear markets as volatility rises and different market sectors rise or fall. Whether we fall into an all-out bear market or not, Marc expects many stocks to make big moves.
To help investors navigate this environment, Marc's strategy focuses on identifying the strongest sectors and opportunities in the near term.
By regularly repositioning into the most promising industries and stocks, this approach is designed to capture gains during market shifts – while avoiding the sectors most at risk during downturns.
In a special presentation on Wednesday, March 25 at 8 p.m. Eastern time, Marc will explain the violent shift unfolding in U.S. stocks today... how it's opening up an extraordinary moneymaking opportunity... and how you can prepare.
Click here to reserve your spot.
Now, let's get to this week's Q&A... And as always, keep sending your comments, questions, and topic suggestions to feedback@healthandwealthbulletin.com. My team and I read every e-mail.
Swap Your Cereal for Oatmeal
Q: Is there a big difference between oatmeal and whole grain or oat-based cereal? That's my way to start the day. Thanks for the advice, Doc. – J.K.
A: Thanks for writing in, J.K. Oatmeal is a healthier choice than cereal – as long as you're reaching for the right type...
Last week, I wrote about the types of oatmeal you should eat if you want to be healthy. Oatmeal can help reduce your cholesterol, control blood sugar, and bust visceral belly fat.
But I'm not talking about instant oatmeal that's full of sugar and flavorings. Instead, you should be eating less processed oatmeal, like steel-cut oats. They have a good balance of nutrients without added sugar. For example, a serving of steel-cut Quaker oats gives you 4 grams of fiber, 5 grams of protein, and just 1 gram of natural sugar.
Compare that with one of the most popular cereals in America, Honey Nut Cheerios. It has just 3 grams of fiber, 3 grams of protein, and a whopping 12 grams of added sugar. Even "healthy" cereals like Kellogg's All-Bran are still loaded with added sugars.
Most cereal is a high-glycemic food. That means your body digests it quickly and causes a blood-sugar spike. Steel-cut oats, on the other hand, are digested slowly and promote stable blood-sugar levels.
And they're just oats, without lots of other ingredients that your body often doesn't need. Even the healthiest breakfast cereals are more heavily processed than steel-cut oats.
So do what I do when I have a craving for cereal... Sub it out for steel-cut oatmeal loaded with fruit, like blueberries. That way, you'll know exactly what you're eating, and you'll get the nutritional benefits in a natural way.
And if oatmeal really isn't scratching that itch, treat cereal as an occasional snack, not a meal.
What We're Reading (and Watching)...
- Did you miss it? Know when to take profits on a fast mover.
- Something different: Inside the race to save the clay behind Wallace & Gromit.
Here's to our health, wealth, and a great retirement,
Dr. David Eifrig and the Health & Wealth Bulletin Research Team
March 20, 2026