The Armstrong portfolio of equities has held up better than the overall market throughout the last three bear markets. Armstrong companies all remained profitable during the recent bear markets and stock prices have recovered. Many other companies went out of business or remain severely depressed. Their stocks have not recovered. Many no longer exist.
*The “traditional” definition of a bear market is a decline of 20% or greater. Though the 2011 market declined a bit less than 20%, the sudden decline and worry it provoked, along with the wealth destruction for poorly-positioned investors, might as well classify this as a bear market.