The Dangerous Myth That Stocks Only Go Up

I remember years ago eating lunch with my father and his financial advisor. I stated what I thought was an indisputable fact. I said history suggests that stock markets can not only go down but stay down for many, many years. I cited the 1966 top in U.S. stocks and the secular bear market that ensued and lasted until 1982. He asked me if I was recommending that investors bet against America. I said I wouldn't put it that way. I explained that the world was moving toward an era of energy scarcity, and that since energy is the key factor in economic…