Bearish investor sentiment usually has top investor Bill Smead ready to buy. Not this time.

Smead Capital Management, Elenathewise/iStock, Tyler Le/BIBill Smead warns of further market downside.Smead cites high equity holdings and valuations as key concerns.He predicts a yearslong market adjustment, and is betting on energy stocks.In prior market sell-offs, Bill Smead would be licking his chops right about now, getting ready to pounce on a discounted stock market that other investors had lost their appetites for.But today, the value investor is not even peckish yet."The psychology of b