How Bull Markets End

A record recovery and bull run

As of October 2019, the U.S. economy has been growing for 126 months, the longest expansion since the mid-19th century.

During the same period, the S&P 500 Index has sustained the longest bull market on record. The length of these two runs has heightened investors’ anxiety that surely the good times must end soon.

Bear markets are a normal part of the market cycle. This leads to two important and related points:

  1. Bear markets are difficult to time.
  2. Because of that, we favor planning for an eventual downturn. This can help investors avoid a fear-based reaction that can work against their long-term financial goals.

Read the report for highlights of what this means and how investors can prepare.

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Block Quotes

The investor of today does not profit from yesterday's growth.

Warren Buffett