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Think a bear market's on the horizon?
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Yes, that would be bad. What you need to talk to your boss about is why you feel that way. Do you doubt your skills and abilities? Do you feel excluded or disrespected? What's going on? Figure out why you feel the need to step away and, if something can be done to resolve that feeling, do it. If not, step away. You don't need your boss's permission to make a decision that is best for you. However, you probably need your boss's help to resolve an underlying -- or overlying -- reason for your emotional state.
I suppose that all depends on the circumstances. If you're honest and tell your boss your reasoning, and why you feel the way you do, that shouldn't bring a reprimand. But that also depends on your boss. Some people think the way they run things is perfect and it's conceivable that a divergent opinion would bring on a negative reaction. I guess the best approach is to just be honest and communicate your position as best you can.
It’s more to do with other peers and a lack of openness. It’s like they have their way of thinking and doing things and if you can’t conform to that, it’s your fault.
I would approach your both with your concerns about the team and with the intent of finding solutions instead of just bowing out immediately.