You could ask the opposite question as well: "Please list businesses whose success depends on frothy, bullish market conditions" Most companies can be success

You could ask the opposite question as well: "Please list businesses whose success depends on frothy, bullish market conditions" Most companies can be successful even in down markets. See basically all S&P 500 companies. Yes their stock price might be down and they may be laying people off to save money, but those are all legitimate and successful businesses by most measures.