The U.K. stock market peaked [inflation adjusted] in 1899 and never hit that mark in real terms again: https://fredblog.stlouisfed.org/2019/12/how-has-the-u-k-

The U.K. stock market peaked [inflation adjusted] in 1899 and never hit that mark in real terms again: https://fredblog.stlouisfed.org/2019/12/how-has-the-u-k-stock-market-fared-lo-these-past-300-years/ https://fredblog.stlouisfed.org/2019/12/how-has-the-u-k-stoc... Notably ~1917 is when global power shifted from the U.K. to the U.S., cemented in 1945. (not sure if they included dividends - would probably change the calculations, but for sure you see that 1815-1900 was a ~85 year general bull market in U.K. stocks, followed by ~75 years of real-term declines from 1900-1975). ----- Also, the U.K. stock market went nowhere from 1874 to 1952 in pound terms, a whopping ~70 years!