While it has been much maligned, the current bull market isn’t much different than past bulls that followed major bear markets, according to Kenneth Fisher. And, Fisher says, the bull could run for quite a while more.
“The biggest bear markets have historically created enough skeptics to make the subsequent bull runs feel unjustified or death-defying,” Fisher writes in his latest Forbes column. “That’s the famous ‘wall of worry’ that we’re currently climbing over. Remember Sir John Templeton’s famous phrase, ‘The four most dangerous words in investing are ‘This time it’s different.’ It isn’t really.”
Fisher talks about how the “new normal” of lower returns that was supposed to reign in the stock market after the financial crisis of 2008-09 never materialized, an example of how this time, once again, was not different. “Look for normalcy as your stock investor guide and you’ll be better served,” he says.
He also says that this bull may run longer than you think. “Over time bull markets have trended irregularly longer,” he says. “So ours may end up the longest ever. I’m not betting on that. But you shouldn’t bet against it. It’s a real, normal long bull.”