A secular bear, as we had in the 70s is a lot of years with flat markets and zigzagging which creates tremendous risk and muted returns for longer term investors.
In March 2003 the S&P 500 index was ~800. Today it is ~1,400 (up 75%). The rise from 800 to 1,400 has been pretty consistent. I don't know how to bring up an S&P 500 chart on Yahoo finance, but on Bloomberg it looks pretty atttractive, and nothing like a "flat market".
Even if you start at March 2004, the S&P 500 was 1,150 and today (~21 months later) it is ~1,400, up 22%. In order for the last 21 months to even begin to qualify as your "zig zaggy flat market", the S&P 500 would have to decline to 1,150 again.
But don't let the numbers get in your way......
Here's me eyeballing the S&P 500 for the past 4 years:
Jan 1 2003 = ~900
Jan 1 2004 = ~1,100
Jan 1 2005 = ~1,190
Jan 1 2006 = ~1,270
Nov 3, 2006 = ~1,364
Go ahead, tell us how that is a flat zig zagging market..... |
