Time Passages

It was late in December, the sky turned to snow
All round the day was going down slow
--Al Stewart

Nice comparison graph of where the S&P stands versus two other prolonged market downturns. Note that we're only halfway thru the 20 yr time scale. And that during both the 'Depression' and 'Japan' comparison series touched -80% at least once during the 20 yr period.

What do all 3 of these periods have in common. Massive credit expansion followed by a bust, a.k.a. deflation.

position in S&P