Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
Showing 3 terms
A sustained rise in prices, driven far more by an expanding multiple than by earnings growth.
It generally begins where nobody is looking — rates falling, earnings recovering from a depressed base, valuations low because everybody gave up. Anyone telling you which innings we are in is describing a feeling.
Systematically overestimating the reliability of your own judgement.
Bull markets manufacture it, and position sizes grow to match the feeling rather than the evidence.
A breadth measure: the share of stocks in a universe trading above their own 200-day moving average.
Above 70% is a broad bull market; below 25% is washout territory, where major bottoms have tended to form.