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A bull market refers to a period characterized by an overall trend of increasing prices, leading to general investor satisfaction with market returns. The term can apply to the market as a whole, individual stocks, or specific sectors. For instance, one might say they are bullish on a particular stock, such as Genius Brands, or a certain industry. The speaker humorously suggests that the definition can sometimes be understood in a lighter context, but emphasizes the primary concept of rising prices and positive investor sentiment during a bull market.