Jurrien Timmer(@TimmerFidelity):For the bull markets that fill the space, the average duration has been 39 months, and the average price gain has been 101% nominal and 80% real. The average multiple expansion has been 59%. As of September 2026, this bull market is 48 months old and has produced a price gain (using monthly data) of 119% and a real gain of 80%. So, a little longer and steeper than the average, but not an earth-shattering difference. Below is an attempt to visualize a few attributes of bear markets: price, valuation, and credit spreads. The price and P/E drawdowns are below the axis, and the spread widening is above. The big bear cycles produced outsized drawdowns and big credit dislocations.

2026.10.15 13:12

For the bull markets that fill the space, the average duration has been 39 months, and the average price gain has been 101% nominal and 80% real. The average multiple expansion has been 59%. As of September 2026, this bull market is 48 months old and has produced a price gain (using monthly data) of 119% and a real gain of 80%. So, a little longer and steeper than the average, but not an earth-shattering difference. Below is an attempt to visualize a few attributes of bear markets: price, valuation, and credit spreads. The price and P/E drawdowns are below the axis, and the spread widening is above. The big bear cycles produced outsized drawdowns and big credit dislocations.