Josh Brown

So Peter said, the reason that the 50s were the decade of disbelief was that most of the people, I really could say almost all of the people who were still in the stock market were veterans of the depression.

No new people had come in.

So the memory of this event was very strong and you really had to go through about 10 years more so that the event was by 1959.

It was 30 years since the crash.

Those people were beginning to die off and a few younger people were beginning to come in because it began to look like a place where you could make some money.

So gentlemen, what are your thoughts?

Sean, let's start with you.

Absolutely.

Very well said.

I'm not trying to minimize what a bear market does in particularly like a crash, like what depression did to a generation.

Think about investors of like people living, who gave a shit about the stock market in 1938 and people are so over it.

And what 2008 did to the psyche.

I think at the low in 2008, stocks were back to where they were.

I might be wrong here, but I think in 2008 at the low or 2009 at the low,

Stocks were back to where they were in 1996.

Somebody fact check me on that.

But even if that's being hyperbolic, they are absolutely devastating.

So I get the psychological trauma.

You can't shake that shit off.

So I'm not trying to minimize it.