Michel Pireu Columnist

From Cambridge Associates

We examined periods over the past 50 years when the month-end price level of a prominent US equity benchmark declined by at least 20%. We chose the US equity market, given its large allocation in equity portfolios and its considerable influence on non-US equity markets. By our measurement, there have been five equity market downturns — also referred to as bear markets — during that time period, with one occurring about every decade...

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