The term "wall of worry" refers to the saying that "A bull market has to climb a wall of worry but a bear market slides down the slope of hope". This is an important concept to understand. We will discuss the bull market side of this saying first and then discuss the bear market side later in this article. As a bull market is advancing it doesn't feel good to the investors during this phase. The naysayers are everywhere publicly explaining away the recent advances in this market and explaining why this investment class will soon drop away. An investor that chooses to invest anyway has to decide for themselves that this is where they want to be, invest, and hang-on. Only after several years of consistent gains do the naysayers start to lighten up on their negativity and allow the participants to start feeling good about the investment they have made. When the media combines this new upbeat attitude with a chart of the gains that have happened so far then the mood shifts for the better and we enter the next stage.
- Source, Mike Maloney's GoldSilver.com