I was curious about the John Houseman commercial for Smith-Barney in the 80's and a search led me to the above article published by Raymond James. The subject is not so much the ubiquitous advertisement, but the history of the numerous market draw downs that investors have endured over the past century or so. The authors of this piece could easily be writing about the 2022 market declines. The piece was prescient in 2020, to say the least. I found wisdom and solace in the historical approach; market declines are normal and must be endured. One "earns" money not by avoiding the pullbacks, but by enduring them. A nice collection of easily graspable statistics and nicely arranged tables make for easy reading.