RIP big bull market (1982-2022)

4 min read . Updated: 08 Aug 2022, 08:10 PM IST ANDY KESSLER, The Wall Street Journal

From start to finish, the Dow rose from 776.91 to 36800, a 9.6% annual rate.

The bull market started 40 years ago this week. I say “the" bull market, not “a" bull market, because even though we’ve had several bear-market drops of more than 20%—the 1987 crash, dot-com implosion, post-9/11 drop, 2008 financial crisis and Covid—this was the Big One, a secular, interest-rate-plummeting, multiple-expanding, earnings-exploding market bonanza that ushered in the modern digital era.