The pattern was never more clear than in the recent bear market, and new bull market. Most investors, believing themselves to be buy and hold investors, also held on most of the way down in the latest bear market of 2007-2009. A record amount of money flowed out of equity mutual funds and into bond funds not near the top in 2007, but between November, 2008 and the end of the bear market in early March, 2009. In fact, the panic to get out of stocks and into bonds during the final four months of the long bear market created an unusual spike-up bubble in bond prices in late 2008 (which then burst, with bond prices tumbling 19% last spring, and still not recovered).