This is a great question. Bull markets (in retrospect) select for aggressive risk-takers without much regard for their sophistication, and bear markets the reve

This is a great question. Bull markets (in retrospect) select for aggressive risk-takers without much regard for their sophistication, and bear markets the reverse. You'd basically want to perform this analysis on everyone doing this type of trading over a period of like 25 years. Therein is the issue with a lot of social and behavioral science: the really really interesting stuff is just so hard to actually measure and experiment with.