A bull market refers to a period of time where investment prices rise faster than their historical average, generally accompanied by strong economic fundamentals, low unemployment, and high investor confidence.
While there is no universally agreed-upon metric, a 'bull market' is commonly defined as a period where the broad market rises by 20% or more from a recent low, and lasts until the market drops by 20% from its peak.
During bull markets, growth stocks, high-beta assets, and speculative investments tend to drastically outperform defensive sectors, making the environment highly favorable for equity investors.