Modern Bear Market Mekko Chart 1947 To Present

250%

200%

2008 2

Mar 00 ‐ Mar 00 

2007 2

2006 2

2005 2

2004 2

2003 2

2002 2

Aug 87 ‐ Aug 87 

2001 2

2000 2

1999 1

1998 1

1997 1

1996 1

1995 1

1994 1

1993 1

1992 1

1991 1

1990 1

1989 1

Nov 80‐ Nov 80

1988 1

1987 1

1986 1

1985 1

1984 1

1983 1

1982 1

Jan 73 ‐ Jan 73 

1981 1

1980 1

1979 1

1978 1

1977 1

1976 1

1975 1

1974 1

Nov 68 ‐ Nov 68 

1973 1

1972 1

1971 1

1970 1

1 00 100

Feb 66 ‐ Feb 66 

1969 1

1968 1

1967 1

1966 1

10 000 0

Dec 61 ‐ Dec 61 

1965 1

1964 1

1963 1

1962 1

100 0

Aug 56 ‐ Aug 56 

1961 1

1960 1

1959 1

1958 1

1957 1

1 10

May 1946 ‐

1956 1

1955 1

1954 1

1953 1

1952 1

1951 1

1950 1

1949 1

1948 1

1947 1

1946 1

% cchange e S& &P 5 500 0 350% %

300% Market Cycles May 1946 to present Market Cycles May 1946 to present Bull

Recovery (to pre bear)

Bear

150%

100%

50%

‐50% 0%

‐100%

July 1990 ‐ July 1990  Oct 07 ‐

S&P 500 ‐ Log Scale S&P 500  Log Scale

S&P 500 S&P 500