Richard Bernstein lists three reasons why it's not a bear market (2018)

If one were to solely look at fundamentals, it would be very difficult to say that we're on the precipice of an all-out bear market.  Earnings in the United States are still accelerating, liquidity is still ample - although some had dried up, I will readily admit, but still ample - and it's hard to argue that investors are overly bullish.

~ Richard Bernstein, as appeared on CNBC, December 9, 2018