‘Bear markets end with outright disgust’: Top investor Peter Boockvar warns that a third leg of the sell-off is coming as investors remain too optimistic about corporate earnings and a Fed pivot

• The S&P 500 is down 16.7% since the start of 2022.
• But the market likely hasn’t bottomed, according to Peter Boockvar.
• Boockvar thinks investor sentiment is still too high, and a wave of capitulation is coming.

Over the last few months, there’s been a shift in the market’s paradigm.