20% Don’t Mean Nothin’

Every so often, I threaten my TV with extreme violence. I’ve noticed that I’m almost always watching CNBC at the time. I know I shouldn’t do that but I must admit to a morbid fascination with pure idiocy.One of the stupidest things they say—and they say it many times a day—is that a 20% drop from a market high is a bear market. If the index is not down 20%, well then you must be in a bull market. Terms like bull and bear used to mean something. But not on CNBC.

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