Capital Markets: Observations & Insights

Performance

Bull Market Is Aging Well

• Bull markets have been getting longer over time ‒ Factors prolonging economic expansions include: increased fiscal and monetary intervention, structural changes in the economy, and technological advances such as improved inventory management ‒ The current bull market is 3.75 years younger than the 1990s bull market

14

2010-Current Average: ?? Years

12

1980-2010 Average: 7.2 Years

10

1950-1980 Average: 4.3 Years

Current Bull Market (ongoing)

8

1930-1950 Average: 1.7 Years

6

4

Duration of Bull Market (Years)

2

0

1932

1943

1954

1965

1976

1987

1998

2009

2020

Year that Bull Market Ended

Source: FactSet and Goldman Sachs as of 9/30/2017. Bull markets over 6-months in duration since 1930.

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