The Financial Post reports in its Friday, May 9, edition that the recent sharp recovery in equity markets over the past two weeks is characteristic of bear market rallies. A Bloomberg dispatch to the Post reports that the erratic fluctuations indicate that almost every investor will experience discomfort regardless of the direction in which the market moves suddenly. Goldman Sachs Group analyst Peter Oppenheimer said "The asymmetry for equity investing is poor. Sharp rallies within bear markets are the norm, not the exception." The biggest market driver is still uncertainty, with no real long-term bullish or bearish conviction seen from investors. Price action is mainly fuelled by short-term headlines and guesswork on how the quickly evolving U.S. tariffs story will be told through corporate earnings and resetting valuations. Mr. Oppenheimer said: "If the tariff announcements are reversed quickly with little lasting economic damage, this does suggest that the downside risks are limited. Nonetheless, at current valuations, we also think the upside is limited." Investing becomes far more difficult in such a regime, when both upside and downside are seen as limited and decision making is caught in foggy headline risk.