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Barry Ritholtz

This Bull Market Isn't as Old as Some Seem to Think

Lots of pundits and commentators use a flawed yardstick that doubles the age of the rally.
Too many candles.

Too many candles.

Source: Hulton Archive/getty images

To committed readers of the financial press, it was almost impossible to miss the proclamations that a milestone had been passed: The bull market, as of yesterday, was eight years old. For a sampling of examples see this, this, this, this, this or this.

This formulation is wrong, since it misconstrues the definition of a bull market. Rather than saying that the bull market is celebrating its eighth birthday, what we really are observing is the eighth anniversary of the bear-market lows.