Since 1980 and especially since 2000, people have learned that buying into a crash will be rewarded within 2-3 years because of central bank response. They thi

Since 1980 and especially since 2000, people have learned that buying into a crash will be rewarded within 2-3 years because of central bank response. They think "you can't loose with stocks long-term", which I believe is largely correct. But they have lost all historical perspective on what "long-term" has occasionally meant. And they underestimate the interim carnage in those instances (1930s, 1970s).