The above graph shows the growth of industry in US. See the two big ones, Energy and Financials

Lets concentrate on Financials. The companies that form Financials are banks and Broker dealer firms like (Morgan Stanley, Goldman, Merill, Lehman, UBS, CSFB etc)

They all are growing at 40% y-o-y, which is amazing. They open offices in emerging economies and reap good profits.

When Indian stock market peaked, they sold and booked profits leaving the retail investors licking the wounds.

In other words, the bull made its money by being a bear. 😉