farcards

Goldman Sachs: Bear Market Anatomy – The Path And Shape of the Bear Market

Not all bear markets are the same—This report identifies 3 types:

> Structural bear markets: Triggered by structural imbalances and financial bubbles

> Cyclical bear markets: Triggered by rising interest rates, impending recessions & falls in profits

> Event-driven bear markets: Triggered by a one-off ‘shock’ that either does not lead to a domestic recession or temporarily knocks a cycle off course. 

> Cyclical bear markets are the most common, with falls averaging 30%.

Source: https://www.gspublishing.com/content/research/en/reports/2025/04/08/0bf285f5-8d4a-478c-843f-4b4ea81256d5.pdf

U.S. Bear Markets & Recoveries Since the 1800s

Source: https://www.gspublishing.com/content/research/en/reports/2025/04/08/0bf285f5-8d4a-478c-843f-4b4ea81256d5.html#