Market and Capital Gains Cycles Generally speaking, everyone loves a bull market and no one loves a bear market. As professional investors who are looking forward, we would refine the statement by shifting our time frame to say that our favorite period starts at the final phase of a bear market- usually the nastiest phase and ends after the middle stage of the bull market. As the final phase of a bear market approaches, portfolios may carry higher than normal cash balances, and when the final phase is underway opportunities abound to get that cash to work. Quite often cocktail party bragging rights go to the person who bought something near the market lows with the cash they had waited patie
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