The existence of the bear trap is unfortunate, as the higher asset prices go, the more bearish counsel needs to be heard and considered. Unfortunately, the higher asset prices go, and the more bearish managers are left behind, the less credible their arguments become. It's not that they are necessarily more wrong as time goes by--this particular manager might well be correct in the second of his quantitative-easing predictions--but they no longer have free will. They are stuck advocating the only position that they can advocate, from a professional perspective. They are in a bear trap.