In an interview on Bloomberg Radio, the chairman of the University of Akron Endowment Dennis Gartman said that the bear market started in January, will continue for many months, and prospective buyers of the dip should sell during any rallies in U.S. stocks. Calling rally selling a “viable strategy” Gartman told Bloomberg that investors need to recognize the long-term prospects of the current bear market and “adjust…accordingly.”

Though the S&P 500 registered a temporary 20% drop from its recent closing high, then recovered just a bit off the level that generally defines a bear market, Gartman poo-poos anyone who questions whether we’re actually in a bear market. “…anything under 7% is bear-market territory,” he said, adding that once things that mark investors need to take a defensive stance.

At the end of last year, Gartman reduced the endowment’s stock position, instead allocating those monies to Treasury securities that will mature over a span from 2 to 5 years. As for his personal portfolio, he holds about 25% cash, he shared with Bloomberg, noting that gold, crude oil, and commodities are the only major positions he currently holds. He remains bullish on most commodities except soybeans, and advised owning gold as an inflation hedge while avoiding crypto at all costs.