Financial experts are warning of a potential stock market decline of 5% to 15%, falling short of a bear market. Many consider any prediction of decline to be “bearish,” but some argue that expecting modest drawdowns near record highs is part of a longer-term bullish strategy.

The S&P 500 historically experiences an average intra-year max drawdown of 14%, with many big drops occurring in years where the market ultimately closes higher. Being a bull doesn’t mean expecting continuous growth, as market volatility is common even in upward trends.

A long-term investor defines “bearish” as expecting prices to fall by 20% or more, while “bullish” is anticipating prices to rise by 20% or more. Short-term traders may have different interpretations, but these definitions guide long-term investment strategies.

Despite a 14% drawdown being relatively mild, long-term investors should brace for potential bear markets along their investment journey. While a longer time horizon improves the chance of positive returns, it also increases exposure to market downturns.

Read more at Yahoo Finance: Why the definition of ‘bearish’ may vary for long-term investors