The answer to these bear markets is simple, diversify; nevertheless, a global diversification strategy for equities will not be enough. There needs to be smart diversification that looks across many asset classes or risk factors. For example momentum/trend-based hedge funds have the significant advantage of going both long and short based on price direction. With this strategy, bear markets can be turned into an opportunity instead of a cost. Strategy diversification does help.
We are currently in an EAFA correction, so the portfolio protection solution is all the more important. Hold broad exposures across asset classes and strategies.