A bear market refers to a period of time in the financial market when prices of securities, such as stocks, bonds, and commodities, experience a sustained decline. During a bear market, investor sentiment is pessimistic, and there is a general sense of fear and uncertainty in the market.

In a bear market, the overall trend is downward, with declining prices leading to decreased market capitalization. This can result in significant losses for investors who hold positions in the affected securities. Bear markets are usually caused by factors such as economic downturns, political instability, or changes in monetary or fiscal policy.

Investors may attempt to mitigate the impact of a bear market by diversifying their portfolios, hedging their positions, or taking defensive positions in safe-haven assets such as gold or cash. However, there is no guaranteed way to protect against the effects of a bear market, and investors should always exercise caution when investing in the financial markets.