So last week we heard CNBC commentator Bob Pisani describe the confusion going on at the “Big Board” (New York Stock Exchange) with respect to the movement in the stocks. Mr. Pisani said “clearly the market is oversold, but what everyone down here is trying to figure out is if this is a correction, or a bear market.” He went on to explain that if this is just a correction, you should be in buying, while if it is a bear market, you sell on rallies. We think you should do neither. Instead, we think investors should stop trying to figure out what the market is going to do, and instead focus on the return they expect.

If you look at the definitions of a “market,” it ...