Bear Markets are actually flat

- Markets Move in Broad Cycles lasting 15-20 years typically.
- Rising Secular BULL market driven by expanding P/E ratios
>  Increasing investor enthusiasm brings in “marginal” investors.
- Declining Secular Bear/Flat market driven by declining P/E ratios
>  Investor “disgust” pushes money out of the market.
- “Cyclical” Markets are shorter-term market trends, e.g. 1-5 years

---Don Lansing, MarketTrend Advisors, 2009