I sometimes wonder what the narrative of the financial media would be in a world without the S&P 500 Index. Granted, one cannot simply overlook an index that makes up the vast majority of the market capitalization of what is by far the largest stock market in the world. But if you remove this headline benchmark from the picture, the stock investing world suddenly looks like a vastly different place. And in many respects, it highlights why the next bear market in stocks has the potential to last longer and cut deeper than anything that we have seen in generations.
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