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Since 1945, the average bull market has lasted 57 months. Everyone knows this bull market will someday end but who wants to acknowledge that fact when equities have performed so well? Overly exuberant investors might want to pay attention to the words of Sam Stovall, a longtime, bullish investment strategist and market analyst. Stovall, who used to work for Standard & Poors and now works for CFRA, has seen bull and bear markets come and go. As he recently noted to Fortune, epic bull markets usually end with a bang and not a whimper. Like an incandescent light bulb, they tend to glow brightest just before they go out.2 History is riddled with examples. Think of the dot-com bust of 2000, the credit crisis of 2008, and the skyrocketing inflation of 1974. These developments wiped out bull markets; this bull market could potentially end as dramatically as those three did. A 20% correction would take the Dow down into the 16,000s. Emotionally, that would feel like a much more significant market drop after all, the last time the blue chips fell 4,000 points was during the 2007-09 bear market. Investors must prepare for the worst, even as they celebrate the best.

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