The worrywarts seek a parallel to today's market and think they see it in 1930: credit crunch, rising unemployment, financial institutions in trouble. So we must be in for a ferocious bear market. I seek a parallel and find it only ten years ago. And that makes me bullish.
Early 1998 saw financial crises eerily similar to today's and a lot of hand-wringing about institutions collapsing and setting off a domino chain of other collapses. But guess what? The S&P 500 was up 28% that year.
~ Ken Fisher, "1998 Redux," Forbes, February 25, 2008
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