Ten years on, we are still living in the shadow of the last bear market

There won’t be any candles, balloons or cards. Indeed, it is unlikely anyone will be celebrating at all. But today, March 9, marks the tenth anniversary of the last great bear market. Exactly a decade ago, the S&P 500 touched what turned out to be the low point in the deepest collapse in equity prices since the Wall Street crash of the Twenties. From that day equities staged a long although not terribly exciting recovery.

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