Secular Market Trends: Bull and Bear Markets

by Jennifer Nash, 1/6/25

Since that first trough in 1877 to the December 2024 high:

• Secular bull gains totaled 2,233% for an average of 372%.
• Secular bear losses totaled -283% for an average of -57%.
• Secular bull years total 90 versus 58 for the bears.

This last bullet probably comes as a surprise to many people. The finance industry and media have conditioned us to view every dip as a buying opportunity. If we realize that bear markets have accounted for just under 40% of the highlighted time frame, we can better understand the two massive selloffs of the 21st century.

148 years in total (90 + 58).  

58 ÷ 148 × 100 = 39.189% of the time in a bear market!