I noted back in 2007, during a similar period of frustration, that less than half of the typical bull market gain is retained by the end of the subsequent bear market - «Once stocks become richly valued, the remaining gains achieved by the market are almost always purely speculative - they are generally erased over the remaining course of the market cycle. (hussman.net)
We very much agree with Grantham's sentiment in that investors can only be expected to adhere to a given discipline if they fully understand the potential risks that might emerge over the course of the market cycle. (hussmanfunds.com)
We believe these stocks will outperform over the course of a market cycle even if they are not in vogue at the moment. (woodstockcorp.com)