Just out of curiosity, anybody read enough or been around long enough to answer this question: how did anyone make $ from 1910 to 1950 or from 1970-1979?!? Those graphs gave me chills. Those were ugly years! For example, pre-Eisenhower the mkt was essentially flat for 40 years! I guess the past doesn't matter in some ways, but it was sobering. http://www.econ.yale.edu/~shiller/data/ie_data.htm And, for the record, I believe there's always a way to beat the mkt, but I think these graphs show that you have to nimble and not assume the past will define the future!