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On September 3, 1929, the Dow Jones Industrial Average closed at 381.17.
Two years, ten months, and five days later it closed at 41.22, down 339.95 points or 89.18%.

Exactly. More recently, Iceland dropped about that much in a year because they let their banks fail:

The only reason we didn't get an 75+% drop in 2008 was due to intervention. So anyone who is one hundred percent long equities and "comfortable with a 50% drop" is implicitly relying on a government bailout.
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