Veterans of the 1973-1974 bear market talk about the similarities and differences with the current downturn — and what that means for the future. This bear market has been a painful experience for many, but a new experience only for some.Veteran fund managers vividly remember the 1973-74 market slide — the worst downturn since the Great Depression, until now… In the ’70s bear market, things “just looked hopeless,” recalls Mr. Cohen, a money manager since 1969. Soaring energy prices and inflation, war and political turmoil added up to two years of unforgettable gloom. But recovery did come, as it has after each slump since.
By Karen Damato and Shefalt Anano, April 6, 2009, WSJ

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