Here's an update of a chart I posted in early June comparing two secular bear markets — the current decline since the peak in March 2000 and the S&P 500 from its peak in 1968 to its bottom in 1982. Both are adjusted for inflation using the Bureau of Labor Statistics' Consumer Price Index. The chart excludes dividends.

Most people, even first wave Boomers, don't realize the savagery of that earlier 14-year decline other than perhaps a recollection of the decade of stagflation that started with the 1973 oil embargo. The chart illustrates how both bears behaved over a nine-year period following their peaks and how the stagflation bear continued its race to the bottom for another four-and-a-half years.

It will be interesting to check back in four-and-a-half years to see who wins.