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John Authers

Bull Market Interrupted Is a Bearish Script for Stocks

The slump following the pandemic shock was a historically anomalous spasm rather than the end of a cycle.

The pandemic was a spasm, not the end of a cycle.

The pandemic was a spasm, not the end of a cycle.

Photographer: Scott Heins/Getty Images

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My colleague Barry Ritholtz has a popular Bloomberg Opinion piece, in which he warns that the current bull market is being misconceived. I’m not sure I agree with all of it, but it does make an essential point. That is that the bull market started in 2009 as we hit rock bottom after the global financial crisis, not last year following the pandemic shock. I think it is wise to look at it this way, even though the dive that stocks took last spring amply qualifies for standard definitions of a “bear market.”