When markets closed on September 30th, they were ever so slightly in what is called a “pullback,” or down 5% from their recent highs. I thought it might materialize into something worthy of writing about, but then, true to recent form, they quickly recovered. However, since I broached the topic, let me give it some context before moving on. From 1946 through the 3rd quarter of 2021, the market has seen 126 pullbacks. Of those, 29 went on to a correction (-10%), 9 declined into a bear market (-20%) and 3 went off the rails (-40%). The conclusion? Most pullbacks are just noise and only few go on to be something more than that. So, while “buy the dip” is a bit of a complacent investment strategy, it is somewhat rational, in my view, if paired with the mindfulness that there will come a day when the market does not bounce right back.