You Gotta Buy Low

This chart is something every bull and bear must digest. Assume a permanent portfolio such that a bull market is when there is a new high in the portfolio. History shows bull markets are the outliers when adjusted for inflation. The market spends decades basing before breaking out in what are about a decade-long bull market.

A very long and valuable discussion at Macro Value Monitor: Missing the Forest for the Trees in the Early Months of a Long-Term Bear Market