The Significance of the 20% Measure

The current second bull market, when you put it in context, the reason the context is important is because we've been in the second bull market where currently since 2013 the stocks are 175%. And I think we're going to continue to power ahead because of structurally changes in the economy that again, we're not appreciating fully. So what do people misunderstand about cyclical versus secular bull markets? What's the significance of the 20% measure that the media seems to love for starting and finishing bull and bear markets? Yeah, it's interesting.