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You can't watch a business television show today without some pundit lamenting over the bottom of the market. Have we reached it? How low can we go?
Much of this discussion is folly. I looked at a chart today that compared the current decline in the S&P 500 vs. the last two crashes in 1973 and 2000. What is striking isn't the similar peak-to-trough price declines but the fact that the speed of this current crash has been about twice as fast as the others.
|S&P 500 Crashes|
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