The investing world's jargon is sometimes too colorful. For example, there are "bull markets," or periods in which a particular type of investment does exceptionally well. Less pleasantly, there are "bear markets," or times when a particular type of investment performs poorly. Definitions of what constitutes a bull market vary, but a period in which a given market segment drops by 20% is usually considered a bear market.

Now if only we knew when those bears would roar, or what investments would survive the mauling. But because each slump brings its own new twists, yesterday's bear-market hero may not survive the next downturn nearly as well. Besides, even if bear-proofing a portfolio were simple, it may not be smart.

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