While every investor knows the terms bull market and bear market, every investor seems to have a different definition of each. Some people consider any period of rising prices a bull market. Others require that prices generally rise for a certain time–maybe six months–to be called a bull market. And of course there’s the popular (though highly flawed) view that any 20% move up in an index represents a new bull market, while a 20% decline constitutes a bear market. Adding complexity to these simple phrases is the cyclical versus secular debate. Simply put, a secular bull market is...