Well, I am pretty close to the bear you describe. I hold (covered) short positions on GE, IBM, GTE, and even XON (because I have so many long oils). I am holding a SPY short that I intend to keep for as long as it takes. So far it's taken nearly nine months. I hold a large BEARX position.
As you may expect, I am not happy, but neither am I that discouraged.
In 1982 I was leveraged to the max (almost) with a large overdraft balance, maximum margin from my broker, and other debts, and holding as much of several closed end funds as I could buy--the ones with the biggest discounts: Baker Fentress, Central Securities, and Source Capital. I seem to have done well at market extremes in the past. I was all cash in 1974, but did not dare try shorting then.
It remains to be seen if I am right this time.
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