Introduction The purpose of the article is to consider whether the current bull market is a secular bull market or simply a strong cyclical bull market within the context of a secular bear market. The answer to this question has important implications for investment strategy. Growing consensus that this is the early stages of a secular bull market This has been a very strong bull market. From the trough in March 2009 to the end of 2014, the S&P 500 increased 171%. The magnitude, and the duration of this strength, has led some investment commentators to conclude that the U.S market is in the early stages of a secular bull market. For example, Kevin Mahn (the President and Chief Investment Officer of Hennion & Walsh Asset Management), asserts that the current bull cycle is a secular trend. Characteristics of secular bull markets What do we mean by a secular bull… Read More …
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