The financial crisis of 2008 seems like such a long time ago. During the crisis, we saw the collapse of Lehman Brothers, bank bailouts and forced mergers, massive federal stimulus, and extraordinary Federal Reserve (Fed) policy. We experienced near unprecedented stock market volatility when daily stock market moves of 5% or more were not uncommon. Despite these extreme conditions, one of the greatest six-year bull markets emerged from this crisis.
Now, we are celebrating another (belated) birthday of the bull market that began on March 9, 2009. (A bull market is defined as a prolonged period of stock market gains without a 20% or more decline.) Not only has this bull market for stocks lasted a long time from a historical perspective (it is the third-longest since World War II), it has also been the strongest six-year-old bull.