Wall Street in 2013 Stokes Misty Memories of 1982

It's just about the most audaciously optimistic investment opinion one could utter, yet a relative handful of Wall Street voices is beginning to say it, out loud and assertively: This market has passed through a “1982 moment.”

That is to say, they believe the stock market has experienced the sort of decisive, powerful liftoff from a generational low that should last for years to come, making every setback to come a buying chance, and carrying the indexes to heights hardly any sober forecaster is now contemplating seriously.

Beginning unheralded in the Rust Belt, oil-embargoed, inflation-whipped malaise of 1982, stocks began what would become – with occasional rude downside interruptions – an 18-year renaissance, ultimately rising 14-fold until forming the most extreme and vulnerable of bubbles culminating in 2000.

[Sticklers consider this period to contain at least two bull phases, separated by the shallow 1990 bear market after having been rattled by the swift ’87 crash. In retrospect, though, it goes down as nearly two decades of general ascent, rewarding buyers of every break until it all ended.]

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