The Greatest Bull Market in History

Why the post-2009 “Super Bull” may be the most powerful wealth-creation cycle ever — if the 2020 pandemic correction is treated as an erased, exogenous interruption.

Since 1900, U.S. equities have experienced several explosive bull markets, typically driven by

technological revolutions, post-war recoveries, and shifts in monetary policy. Traditionally, the “greatest” bull market is judged by total return and duration from a major low to a subsequent major peak. Using that lens, the 1987–2000 tech boom has often been considered the standout. However, when the COVID-19 crash is treated as a temporary, exogenous shutdown event rather than a structural bear market, the post-GFC expansion becomes historically dominant in both duration and magnitude.

Top Bull Markets Since 1900 (Price Return)

Era	Primary Driver	Dates	Total Return	Duration
Tech Boom	Internet/PC adoption	1987-2000	~582%	12.3 yrs
Post-GFC Recovery	Monetary stimulus	2009-2020	~400%	11.0 yrs
Roaring 20s	Electrification/autos	1923-1929	~345%	6.1 yrs
Post-War Boom	WWII recovery	1949-1956	~267%	7.1 yrs
Reaganomics	Tax cuts/deregulation	1982-1987	~229%	5.0 yrs

Why COVID is different

The February–March 2020 decline was the fastest descent into bear-market territory on record, but it did not originate from internal financial-system stress (2008), speculative leverage (1929), or valuation unwinding (2000). It was triggered by an externally imposed global shutdown and reversed rapidly with unprecedented fiscal and monetary support. The “V-shaped” recovery — with major indexes returning to pre-pandemic highs within months — supports the argument that the underlying secular uptrend did not structurally fail.

A New Lens: The "Super Bull" (Erase the Pandemic Drawdown)

If the pandemic correction is treated as an erased event, the post-GFC bull market can be measured continuously from the March 9, 2009 low to the January 2022 peak (when

inflation and rate hikes finally produced a durable regime shift). Under this framework, the Super Bull surpasses the 1990s in total return and spans more than a decade without a lasting 20% downtrend.

Index	2009 Bottom	Jan. 2022 Peak	Total Return (erased)
Nasdaq Composite	1,265.52	15,832.80	+1,151%
S&P 500	676.53	4,796.56	+609%
Dow Jones	6,547.05	36,799.65	+462%

Bottom Line

If COVID is treated as an external interruption rather than a structurally-driven bear market, the 2009–2022 expansion becomes the greatest bull market of the modern era by both duration and total price appreciation — with the Nasdaq’s 12x return illustrating a once-in-a-generation compounding cycle driven by the smartphone, cloud, and platform economy.

Footnotes & Sources

1. S&P; 500 and Dow Jones historical levels are widely available from index providers and major financial data services; 2009 bottom and 2022 peak values correspond to March 9, 2009 lows and early January 2022 highs (approx.).

2. COVID bear market timing: S&P; 500 peaked Feb 19, 2020 and bottomed Mar 23, 2020, reaching -20% (bear market threshold) in roughly 16 trading days; recovery to new highs occurred in August 2020.

3. Bull-market comparisons are based on price appreciation from trough to subsequent peak; total-return versions including dividends would be higher. Earlier-era “S&P; equivalents” refer to reconstructed U.S. large-cap indexes.

4. “Exogenous shock” framing is commonly used in macro/equity research to distinguish externally imposed disruptions from market-internal credit/valuation unwind cycles; classification is analytical and not definitive.

5. Figures in this summary are approximate and intended for narrative framing. For investment decisions, consult official index fact sheets and audited historical datasets.