It's popular wisdom that since the Dow has never underperformed treasuries or cash over any 20 year period, stocks are the best long-term bet. But the Nikkei's

It's popular wisdom that since the Dow has never underperformed treasuries or cash over any 20 year period, stocks are the best long-term bet. But the Nikkei's currently at about 25% of its 1990 peak; which makes me want to amend the popular wisdom: "Stocks are the best long-term bet, until they aren't." I don't think it's time to panic, exactly, but it may be time to re-examine the cultural expectations of (endless growth|sudden apocalypse), and consider the long, bumpy decline as a possibility.