Visualizing the Longest Bull Markets of the Modern Era
The Chart of the Week is a weekly Visual Capitalist feature on Fridays.
During the longest bull market in modern history, the S&P 500 surged a whopping 418% over the 9.5 years between November 1990 and March 2000.
This was during the famous economic expansion that took place during the Clinton era, in which job growth was robust, oil prices fell, stocks soared, and making money was as easy as throwing it in the stock market.
In mere months, this famed bull market may lose its title as the “longest” in the modern era.
That’s because, according to data and analysis from LDL Research, the current bull market will take over the claim to fame in late August 2018.
Ranking the Bulls
In today’s chart, we show every bull market since WWII, including the top six which are covered in more detail:
|Rank||Bull Market||Dates||Months||S&P 500 Return||Annualized Return|
|2||Post-Crisis Bull Run||'09-'18*||112*||302%||16.7%|
|4||That '70s Growth||'74-'80||74||126%||14.1%|
|6||The Hot Aughts||'02-'07||60||101%||15.0%|
*Still in progress.
By looking at duration, total rate of return, and annualized rate of return, it really gives a sense of how these bull markets compare.
The current run, which will soon become the longest, didn’t have the same level of intensity as other high-ranking bull markets. Critics would say that it was artificially propped up by ultra-low rates, QE, and other government actions that will make the market ultimately less robust heading forward.
Regardless, the current run ranks in fourth place among the markets above in terms of annualized return.
What Ended Each Bull?
The market psychology behind bull and bear markets can be fascinating.
Below we look at the events credited with “ending” each bull market – though of course, it is actually the actions of investors (buying or selling) that ultimately dictates market direction.
1. The Great Expansion
The bull run lasted 9.5 years, ultimately capitulating when the Dotcom Bubble burst. From the span of June 1999 and May 2000, the Fed raised interest rates six times to try and get a “soft landing”. Market uncertainty was worsened by the 9/11 attacks that occurred the year after.
2. The Post-Crisis Bull Run
3. The Post-War Boom
This boom occurred after WWII, and it ended in 1956. Some of the sources we looked at credited the launch of Sputnik, Eisenhower’s heart attack, and the Hungarian Revolution as possible sources of market fear.
4. That ’70s Growth
The Iranian Revolution, the 1979 Energy Crisis, and the return of double-digit inflation were the factors blamed for the end of this bull.
5. Reagan Era
This bull market had the highest annualized return at 26.7%, but the party came to an end on Black Monday in 1987 – one of the most infamous market crashes ever. Some of the causes cited for the crash: program trading, overvaluation, illiquidity and market psychology.
6. The Hot Aughts
Stocks did decently well during the era of cheap credit and rising housing prices. However, the Financial Crisis put an end to this growth, and would cut the DJIA from 14,000 points to below 6,600 points.
Ranked: Top TV Advertising Spenders in 2023
Which companies spend the most on traditional TV advertising? From pharmaceutical giants to big tech firms, we show the top spenders in 2023.
The Top TV Advertising Spenders in 2023
In 2023, advertising spend is projected to reach $61.3 billion on U.S. broadcast and cable TV.
Despite declining viewership, traditional TV has been found to be an optimal platform for storytelling ads. Additionally, advertisers can target viewer segments on traditional TV—similar to digital marketing channels.
The above graphic shows the top advertisers on traditional TV outlets, based on data from Nielsen.
Top 10 National TV Advertising Spenders
Here are the top advertisers on national U.S. broadcast and cable TV for the month of June 2023:
|Rank||Parent Company||Industry||Ad Spending|
|1||Procter & Gamble||Consumer Packaged Goods||$109.3M||27.1B|
|4||Walt Disney||Media / Entertainment||$47.0M||5.7B|
|8||Warner Bros. Discovery||Media / Entertainment||$34.1M||5.1B|
|9||Pepsico||Consumer Packaged Goods||$33.7M||6.8B|
|10||Amazon||Technology / Retail / Media||$31.9M||4.9B|
Procter & Gamble was the top TV advertising spender in the U.S., at $109.3 million. Home to Gillette, Crest, and Tide, the company spent a stunning $5.1 billion in overall advertising in 2022.
Pharmaceutical companies Abbvie and GSK were the next biggest spenders, at $81.4 million and $52.8 million, respectively. Overall, pharmaceuticals accounted for the largest share of advertising across the top 10.
Big tech companies Alphabet and Amazon also made the list, each spending over $30 million in June alone.
Top 10 Local TV Advertising Spenders
By contrast, the automotive sector made up seven of the top 10 local broadcast and cable TV advertisers, led by General Motors and Toyota:
|Rank||Parent Company||Industry||Ad Spending|
|7||Morgan & Morgan||Legal Services||$12.6M||1.7B|
Meanwhile, communication giants Comcast and Charter were big spenders, and the nation’s largest personal injury law firm, Morgan & Morgan, ranked in seventh overall.
U.S. Television Trends
Today, live TV viewership in the U.S. is primarily made up of those aged 65 and over, which spend nearly five hours per day watching TV. In contrast, those aged 25-34 spend only about one hour and 12 minutes per day watching live TV.
Furthermore, in 2022, fewer than half of U.S. viewers paid for traditional TV services for the first time. By year-end 2027, this proportion is projected to fall to just over a third of households.
Yet due to its scale of available media inventory, traditional TV may continue to bring in the bulk of TV advertising spending over the near future. One reason is that advertising makes up 20% of time spent on traditional TV but just 3% on streaming platforms.
However, as viewership declines, advertisers on live TV say that they are most likely to allocate their ad spend to streaming services. By year-end 2027, ad spend on streaming platforms is projected to jump to $40.9 billion, a 63% increase from 2023.
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