Despite his reservations about valuations, Russell acknowledged that the bull dominated the market throughout much of the late nineties. But in August of 1998, he began to warn readers that they were in the first phase of a bear market. (See Richard Russell’s Dow Theory Letter, 4 August 1998, and 26 August 1998). By October of 1999, his advice to readers was unequivocal: “Get OUT of stocks and get into T-bills or T-notes or the highest-rated munis bonds” ( Richard Russell’s Dow Theory Letter, 6 October 1999).
