This article addresses two key questions for investors today: why do secular stock market cycles matter and how can you adjust your investment approach to enhance returns? Secular cycles do matter, and the expected secular environment should drive your investment approach. The investment approach that was successful in the 1980s and 1990s was not successful in the 1970s nor over the past 14 years. Therefore, an insightful perspective about the current secular bear will determine whether you have the right portfolio for investment success over the next decade and longer. Now, assume for a moment that you must pick one of two investment portfolios. The first is designed to return all of the upside — and all of the downside — of the stock market. The second is structured to provide one-half of the upside and one-half of the downside. Which would you pick?