On February 11, 2020, my guests published a paper titled, “The Next Bear Market” while U.S. stock prices were at all-time highs and climbing daily to new records.  At that time, the prospect of a bear market seemed distant.  But eight days later, the steepest stock market descent in history began, with the S&P 500 Index falling 34%  during a five-week period.  We will discuss their new commentary, “Market Euphoria – How long can it last?”