Not exact matches
Obviously,
with a
cyclical asset you will find losses and the widest spread between price and financial operating metrics because a trough occurs in a
bear market of declining product prices.
As the guys at Nautilus Capital note,
cyclical bull
markets within secular
bears have tended to average just 26 months,
with an average gain of 85 %, while
cyclical bears within secular
bears have averaged 19 months,
with steep average losses of -39 %.
There were
cyclical bear markets in 1977 and 1981 - 2 (both ~ 20 % drops in senior indexes), and in 1994 (DJI / SPX fell less than 10 %, but small caps were down 25 % + after the huge small cap bull cycle in 1991 - 3) and 1998 (over 20 % drop in SP in 4 months,
with LTCM failure the final chord).