Investment Planning

The Most Hated Bull Market

Markets climbed despite fear in 2025, backed by stronger earnings. History shows that patience and discipline, long-term investing often wins over panic.

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November 14, 2025
The Most Hated Bull Market

As we enter the final stretch of 2025, I want to share a few key stock market charts that help cut through the noise and the fear-driven narratives dominating the media. These visuals provide a clearer, data-based perspective on what’s actually happening beneath the headlines.

The Most Hated Bull Market

Despite constant fear and negative headlines, the market continues to push higher, a classic case of “stocks climbing a wall of worry.” Bull markets often thrive in environments where most investors remain skeptical, anxious, or convinced that a downturn is imminent.

When sentiment is this pessimistic, many investors stay on the sidelines, creating fertile ground for long-term, patient investors to step in. The more widespread the doubt, the greater the opportunity for those who stay disciplined and focused on fundamentals rather than headlines.

Recent Stock Performance Supported By Fundamentals

The stock market moves on expectations, not what’s happening today. Throughout 2025, investors looked ahead and saw stronger corporate earnings and healthier profit margins over the next 12 months.

When Forward EPS and Forward Profit Margins rise, it signals that companies are expected to earn more money in the future.

That improves valuations, boosts confidence, and leads investors to pay higher prices for stocks now, driving the equity rally.

What's In Store For 2026?

After 10 years in the investment industry, one thing still amazes me: how fixated investors are on predicting the next market crash. Turn on the TV and you'll always find someone calling for a meltdown.

The truth? No one knows what 2026 will bring. But history can offer perspective, even if it doesn't repeat, it often rhymes.

Since 1950, there have been four instances in which the S&P 500 dropped 15% or more intra-year and then rebounded with double-digit gains that same year as we have seen in 2025.

In each of those cases, the following year delivered an average return of 19%.

Will this time be different? Time will tell, but the data suggest that betting on the long term has historically paid off.

Have Questions About Your Investment Portfolio?

If you’re feeling overwhelmed by the noise, uncertainty, or endless opinions about the markets, you’re not alone. I help investors build clear, evidence-based portfolios aligned with their goals, removing the guesswork and replacing it with clarity and confidence.

Whether you’re planning for retirement, managing corporate investments, or simply wanting a more intentional strategy, I can help you ensure your portfolio is positioned to support your most important financial goals.

Written by
Guillaume Girard
Wealth Advisor & Financial Planner

Guillaume Girard, CFA CFP helps Canadian-incorporated business owners build wealth while they’re working, and live off it confidently when they stop. At Millen Wealth Advisors, he provides holistic, evidence-based financial planning that brings clarity to investments, tax & insurance strategy, retirement, and long-term legacy planning.

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