I go into more detail on this in my post below, but I think that this is actually not true any more, because the basic nature of the economy has changed. If yo

I go into more detail on this in my post below, but I think that this is actually not true any more, because the basic nature of the economy has changed. If you adjust for honest estimates of inflation, stocks have been down consistently for 15 years. That starts to look a lot like a "new normal". Then you start adding in survivorship bias, selection bias, etc; the picture is not pretty. Maybe it's not the new normal, and maybe stock markets will start rising again as they have historically, but when you see a lull this long, it at least suggests the strong possibility of a pattern break.