Bull markets do not die of old age
Tim Farrelly | farrelly’s Investment Strategy | 18 February 2020
Bull market longevity tells us nothing about the timing of the next bear market. Valuations are a helpful warning of an impending bear market, indicating when caution is advisable. However, valuations don’t inform us on the timing of a bear market because generally valuations don’t trigger bear markets, the trigger is normally a shock.