◈ GLOSSARY · INVESTING
Bull Market.
A definition, in plain English — with the books that teach it.
Reviewed by ClearValue Editorial Team · Jun 27, 2026
◈ DEFINITION
What it means
Definition
A sustained period of rising prices, conventionally defined as a 20% or greater rally from a recent low. Bull markets tend to last years and account for the majority of long-term equity returns. The honest caveat: they feel obvious only in hindsight, and the loudest market commentary near the top usually sounds like permanent prosperity.
◈ IN PRACTICE
Example
The S&P 500 rallied roughly from 666 in March 2009 to 3,386 in February 2020 — an 11-year bull market that returned more than 400% before COVID. Investors who held through it captured the run; investors who tried to time exits along the way generally trailed.
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