Secular trend

A secular trend is a long-term phenomenon, whereas a cyclical trend is short-term and will eventually reverse.

Secular trends are usually based on structural, underlying changes that mean something has altered that will affect asset values in the long term. Cyclical trends relate to the state of the economy: when it rises, so will the asset, and vice versa.

For example, MoneyWeek often says commodities are in a secular bull market: this is because the industrialisation of China has changed the long-term influences on the sector. Housing is a cyclical market: when interest rates are low and the economy is good, the sector performs strongly, but when rates rise and the economy weakens, it does badly.

MoneyWeek magazine

Latest issue:

Magazine cover
Party's over for Putin

The only portfolio safe from Russia's rout

The UK's best-selling financial magazine. Take a FREE trial today.
Claim 4 FREE Issues

Hedge fund manager Hugh Hendry: 'It felt like the sun rose only to humiliate me'

In a series of three short videos, Merryn Somerset-Webb talks to Hugh Hendry, manager of the Eclectica hedge fund, about everything from China to the US, Europe, and Japan.


Which investment platform?

When it comes to buying shares and funds, there are several investment platforms and brokers to choose from. They all offer various fee structures to suit individual investing habits.
Find out which one is best for you.


19 December 1932: BBC World Service begins

The first royal Christmas message by George V gave the fledgling World Service an early boost six days after it was founded in 1932.