A remarkable feature of extended bull markets is that investors come to believe – even in the face of extreme valuations ...

 – that the world has changed in ways that make steep market losses and extended periods of poor returns impossible. 

Though market valuations in 1959 were nowhere close to current extremes, it’s notable that measured from the date of Graham’s remarks, periodic bear markets repeatedly brought the cumulative total return of the S&P 500 back to or below the cumulative return of risk-free Treasury bills, all the way out to August 1982

John P. Hussman, Ph.D. August 2021

https://www.hussmanfunds.com/comment/mc210808/

Börsuppgången startade i USA den 12 augusti 1982

https://englundmacro.blogspot.com/2011/09/borsuppgangen-startade-i-usa-den-12.html