The 2025 Bull Market Has Been Labelled The Most Hated Rally In History, But Is This An Accurate Description?

The current (2025) market rally has been Most Hated Rally In History. This is a term that we ourselves find strange. How could people hate making money? And if they haven’t, aren’t they responsible for their own decisions and why is there a reason to be more bitter about others’ successes than in other rallies?

Let’s look at these questions.

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The Term Most Hated Rally In History Is Nothing New

The expression seems to date back at least to 2009, in the wake of the Global Financial Crisis. Barry Ritholtz, a well-known financial commentator and investor, used the phrase “The Most Hated Rally in Wall Street History” to describe the rebound from the March 2009 lows (which up until the pandemic was a near four-fold gain with the S&P 500).

The idea behind the label was this. After a brutal crash or bear market, many investors remain deeply skeptical. They expect the bull rally to fail — or believe it’s being propped up artificially (e.g. by central banks, easy money, stimulus). As a result, even as markets rise sharply, participation remains low, and sentiment stays bearish.

That persistent pessimism often coexists with strong returns. Ritholtz explained that such rallies tend to last and perform well precisely because they are “hated”. People are too traumatised or too fearful to buy, which means valuations don’t get overheated — at least initially.

In subsequent years, similar terms have been used to describe other rallies that exhibited this same ironic disconnect between performance and sentiment. For example, in 2012, Ritholtz asked “How hated is this rally?” to describe markets hitting multiyear highs while economic growth looked sluggish.

But The Term Most Hated Rally In History Is Back in 2025…

…all because of current market conditions.

FundStrat’s Tom Lee recently called the 2025 equity market rebound a “most hated market rally,” pointing to widespread skepticism among investors even as the S&P 500 nears all-time highs.

Despite strong returns — particularly in tech / AI-related mega-caps — sentiment measures remain muted. For instance, some surveys show negative bull–bear spreads, which historically have been rare during bull runs. Moreover, business and consumer confidence is muted. But that lack of confidence is not being shown in the markets.

Perhaps it is about feelings towards AI. Perhaps some investors are not happy that other investors may be winning because they have AI tools that others do not. Some feel resentful as they will threaten their job and income security.

Hate all you like, but…

…the irony is that if 2009 is any guide, this kind of rally can persist for years: it’s only when a rally becomes “over-loved” (i.e., when euphoria sets in — everyone is bullish, retail money floods in, valuations feel excessive) that risk of a blow-off top or correction increases.

Others eventually ran out of steam — many bull markets end not at the point of pessimism, but when optimism becomes widespread, valuations are stretched, and sentiment turns exuberant (i.e., the opposite of “hated”). The question is when is that point?

Conclusion

The resurgence of the “hated rally” framing in 2025 reflects a reasonable (maybe even healthy) dose of investor scepticism. Given all the macro uncertainty today (geopolitics, inflation, interest rates, tech valuations, AI hype), it makes sense many investors remain cautious. That caution can help prevent bubbles from forming too quickly.

However we wouldn’t view the phrase as a signal that a correction or crash is bound to happen. Rather, it’s a reminder of where we are: a rally built more on cautious optimism and selective conviction than broad euphoria.