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A “bull market” refers to a market that is trending higher, and a “bear market” refers to a market that is declining. Most bull markets last five to 10 years while most bear markets are shorter, lasting on average about one to three years. It is important to note that, most of the time, the U.S. stock market tends to be bullish, meaning it has a very strong upward bias—a phenomenon Warren Buffett calls the American Tailwind.

The following chart, from an article by Thomas Franck, courtesy of CNBC.com and S&P Dow Jones Indices, shows you prior bull and bear markets before March 2020.

Source: Adapted from Thomas Franck, “A Look at Bear and Bull Markets Through History,” CNBC, March 14, 2020, https://www.cnbc.com/2020/03/14/a-look-at-bear-and-bull-markets-through-history.html.

The following chart shows the big crashes. As you can see, most bear markets are shorter in nature and tend to last nine to 36 months or so. Now let's talk about orders.

Source: Adapted from Thomas Franck, “A Look at Bear and Bull Markets Through History,” CNBC, March 14, 2020, https://www.cnbc.com/2020/03/14/a-look-at-bear-and-bull-markets-through-history.html.