From its high in 1929 to the bottom in 1932, the Dow Jones Industrial Average fell about 90%.
But during this devastating decline, there were a number of huge, furious rallies that likely gave investors hope along the way that the worst was over.
Earlier on Monday, Business Insider’s Sam Ro highlighted how market tops aren’t clear and easy to identify: they are choppy, messy, and deceptive.
Only after the fact does a top look like a top, and only after the fact does a 90% drawdown in stock prices seem like anything other than a series of false hopes.
Here’s the chart from Ritholtz Wealth Management’s Michael Batnick who posted this on Twitter.
So many broken dreams.