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To: yard_man who wrote (107465)	6/7/2001 11:01:56 PM
From: pater tenebrarum	Respond to of 436258

oh, it just means 'very long term'. i.e. the dominant primary cycle. Bronson defines (i like this definition best) a secular bear market as a period during which money market funds outperform stocks, and a secular bull market as a period during which stocks outperform money market funds. it can be shown that these 'supercycles' correlate with the 'seasons' of the Kondratiev wave. for instance, in the last deflationary K-winter, from '29 to '49, money market funds outperformed stocks over the entire period (this doesn't account for trading in and out, just b&h). the mildly inflationary 'spring' from '49 to '66 was a secular bull market during which buying and holding stocks (as represented by the major indices) once again outperformed money market funds. then followed the highly inflationary 'summer' secular bear that lasted until '82, etc...