Part 4/10:
The long-term trajectory of the S&P 500 indicates that, despite an overall upward trend, significant downturns have occurred when the market has peaked in inflation-adjusted terms. Historical peaks—such as those observed in 1913, 1929, 1965, and 1999—have been followed by significant declines, often exceeding 60%. These patterns emphasize the importance of considering inflation's impact when assessing the stock market's health.