
99Variations and Enterprise Excellence
1800
1850
1900
1950
2000
Bull market runs
through autumn
1816–1835
Topline Investment Graphics.•(303)440-0157 • chartguy.com
Bull market runs
through autumn
1864–1873
LONG WAVE
Group
Bull market runs
through autumn
1921–1929
Bull market runs
through autumn
1982–2000
300
30
3
10
1
100
S&P
U.S. stock prices
(S&P 500)
1000
300
100
S&P
5
10
20
HM
Homestake
mining
(currentlyABX)
½
1
2
150%
200%
250%
300%
350%
U.S. total debt
(percent of GDP)
U.S. Treasury
bond yield
T-bond
T-bond
T-bond
3%
4%
10%
7%
5%
PPI
10
30
PPI
100
10
30
U.S. prices
PPI before1949,
CRB after
PPI
PPI
Aaa
Aaa Corp.
bond yield
Aaa
Interest
Rate
Spike
Summer begins (1966) with
sharply rising prices and interest
rates, ...