This chart series features an overlay of the Four Bad Bears in U.S. history since the market peak in 1929. They are:
- The Crash of 1929, which eventually ushered in the Great Depression,
- The Oil Embargo of 1973, which was followed by a vicious bout of stagflation,
- The 2000 Tech Bubble bust and,
- The Financial Crisis following the record high in October 2007.
The series includes four versions of the overlay: nominal, real (inflation-adjusted), total-return with dividends reinvested and real total-return.
The first chart shows the price, excluding dividends for these four historic declines and their aftermath. As of Friday’s close are now 2025 market days from the 2007 peak in the S&P 500.
