Bull Market Vs Bear Market

We were talking about the rate of inflation, rising prices and the impending oil price increase in India.

Friend: Prices are increasing like mad. Inflation is worrying and all prices are rising.

Me: But, inflation is not affecting everything.

Friend: (Surprised) Not affecting everything? How?

Me: Look at your portfolio, and look at what happened to the price of shares that you bought last month, last week, yesterday, today! Without exception aren't they lower?

Friend: Yah! Its a bear market (for stocks). Just thinking what they were talking around December 2007 and early Jan 2008. All were expecting the market to go up. There were buy calls everywhere.

Me: Yah! In a bull market every one is a bull and you get lots of bull shit. And in a bear market, you have to bear all those shit that you got from the bull market!