The three stages of a bull market are: first, only a few insightful people see improvement is possible after a crash; second, the economy and markets actually improve and most people accept it; third, after sustained good news and soaring earnings, everyone concludes things can only get better forever—the last stage marks bubble psychology.
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Howard MarksEvidence Quote
“it's the three stages of the bull market the first stage usually comes on the heels of a market decline or crash that has left most most investors licking their wounds and highly dispirited at this point only a few unusually insightful people are capable of imagining that there could be Improvement ahead”
Created: 8/11/2026, 7:51:42 AM
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