Anatomy of a bull market

Stocks tend to perform well even in the later stages of a bull market, according to a Goldman Sachs analysis of U.S. market upheavals since 1900. But the transition to a bear market is typically sudden and losses can persist, especially in the case of valuation bubbles such as 1929, 1968 and 2000. (Average S&P 500 total return performance around bear markets and corrections. Market peak equals 100.)