Coming into 2025 the S&P 500 had just two down years out of the past 15:
2010 +14.8%
2011 +2.1%
2012 +15.9%
2013 +32.2%
2014 +13.5%
2015 +1.4%
2016 +11.8%
2017 +21.6%
2018 -4.2%
2019 +31.2%
2020 +18.0%
2021 +28.5%
2022 -18.0%
2023 +26.1%
2024 +24.9%
We were all probably a little spoiled. Regardless of the reason for the recent swoon, we were due.
By my count this is the 39th double-digit downturn since 1950:
That&#…