Letâs examine the S&P500âs market capitalization as a percent age of GDP. Last week, the S&P500âs market capitalization represented 69.79% of GDP, almost matching the 69.58% of GDP where it closed in September of 2002, just prior to the October bottom. One of the key differences between the current Bear market and the 2000-2002 Bear was that the correction came from significantly higher valuations. As a result of that difference, it took half the time to reach the prior trough. While nobody could or should call for the trough in this cycle to be identical, it is another sign that the necessary margin of safety is being priced into this market for todayâs buyers.