And while we are on the topic, the period from 1929 through 1945 is commonly tabulated as two bear markets. Ibbotson SBBI 2015 Classic Yearbook tabulates them this way:
Peak August, 1929
Trough May, 1932
Recovery, November 1936
Peak Feb, 1937
Trough March, 1938
Recovery. Feb 1945
Do you see the problem? There is only a three-month gap between them. This is another borderline situation. Now, the S&P Composite was 31.30 in September, 1929 In fact, the "total return index" (including reinvested dividends) is shown in that volume as 2.993 in August, 1929, rising only to 2.506 in February, 1937. Depending on how you measure it, this could be scored either as two seven-or-eight-year bear markets back to back, or as one fifteen-year bear market.
This is particularly important because during bear markets there is often a good deal of cheerful talk about "historically longest bear markets" and bucket strategies often claim that the cash bucket is "big enough to wait out the average bear market."
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.