STREET DOGS: Something about bear markets
Difficult return environment after a downturn has historically rarely been swift
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...