Since 1929, U.S. stocks have suffered an average drawdown of 30 percent on 28 occasions, only 15 of which involved recessions, according to Dario Perkins at TS Lombard. Sometimes, like 1987, steep market declines don’t precede recession, while sometimes, like 2008, they do. There have been peak-to-trough declines of at least 15 percent in 11 calendar years since 1980. Five coincided with recession, six did not, according to Perkins.
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