Nir Kaissar, Columnist

Slumbering Bear Holds a Lot of Answers

The bull market has piled up urgent questions in a nine-year hibernation.

January 25, 2018 at 12:30 PM UTC

Nir Kaissar is a Bloomberg Opinion columnist covering markets. He is the founder of Unison Advisors, an asset management firm.

1516827220_GettyImages-2659901 — Photographer: William Vanderson/Getty Images

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It has been almost nine years since the last U.S. bear market, as defined by a 20 percent or more decline in the S&P 500 Index. That’s the second-longest stretch without one since 1928, according to Yardeni Research Inc. Only the period from December 1987 to March 2000 was longer.

That's a long time for questions to pile up that can only be answered by the next downturn. Here are some of the most burning ones: