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Fund Spy

No Two Bull Markets Are Alike, Either

Don't count on reversion to the mean, especially in the short run.

A version of this article was originally published in the March 2017 issue of Morningstar FundInvestor. Download a complimentary copy of FundInvestor by visiting the website.

After writing about how specific sectors and styles (growth and value) fared during the last five bear markets, a reader asked if we would run the same analysis on the last five bull markets. Great idea! Let the analysis begin.