Here is the critical point.
The MAJORITY of the returns from investing came in just 4 of the 8 major market cycles since 1871.
Every other period yielded a return that actually lost out to inflation during that time frame.
So, yes, major events do matter.
If you were unlucky enough to start investing in 1929, given life expectancies during that period, it is likely
you died long before getting back to even.
For those who were about to retire heading into the turn of the century,
it is unlikely they are any closer to retiring today than they were 16-years ago.
Maybe that is why the nu
mber of individuals over the age of 65 still in the labor force is at its highest level on record