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Interesting perspective from (the Global Association of Risk Professinals). I urge those who are into financial engineering and risk management to visit the site:

For some long-term perspective, today's chart illustrates the Dow adjusted for inflation since 1925. There are several points of interest. For one, when adjusted for inflation, the bear market that concluded in the early 1980s was almost as severe as the one that concluded in the early 1930s.

Also, the inflation-adjusted Dow is now a little over double where it was in 1929 and trades a mere 70% above its 1966 peak.

Not that spectacular of a performance considering the time frames involved. However, the magnitude of the bull market of 1982 to 1999 (even when adjusted for inflation) was truly of historic proportions.

It is also interesting to note that the magnitude of the current bear market (when adjusted for inflation) is approximately 60% of what occurred during the dot-com bust of 1999 to 2003.