Living Through the Last Secular Bear

In 1972, P/Es were almost 18, the market was approaching and exceeding new highs, volatility was low, and the market was in the first half of a secular bear market. What happened next is now history — if it happens again, that won’t surprise the old sages. This presentation is a self-explanatory look at the last secular bear market cycle and a similarly optimistic period during the first half of that cycle.