Hemingway Had It Right, a Bull Market’s No Game
Fighting the bulls at the moment looks dangerous. Fear of missing out may propel this stampede forward until a recession stops it.
Courage on display at the San Fermin Festival, setting for “The Sun Also Rises.”
Photographer: Ander Gillenea/Getty
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Bullfighting is dangerous. According to Ernest Hemingway, it’s one of only three real sports, along with mountaineering and motor racing. All others are mere games. Dig into the reasons why “bull” and “bear” markets came to be so named, and one of the most convincing explanations is that you have to run with the bulls if you want to avoid being trampled underfoot, while the best way to escape a bear is to head downhill. So, fighting a bull market takes serious courage, and may do you mortal damage.