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 three-and-a-quarter years younger than the ‘90s 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

2

Duration of Bull Market (Years)

0

1932

1943

1954

1965

1976

1987

1998

2009

2020

Year that Bull Market Ended

Source: FactSet and Goldman Sachs as of 3/31/18. Bull markets over six months in duration since 1930. Line is based on linear regression of displayed data points.

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