According to an article in the Wall Street Journal, “Cyclical sectors such as tech typically lead in the second year of a bull market, which is on track for the beginning of March.”

a. What is a bull market?

b. If stocks issued by technology firms do in fact consistently outperform other stocks duringthe second year of a bull market, is this a pricing anomaly?

c. Is it likely that you would be able to earn above-average returns by buying tech stocks during the second year of a bull market?