I was looking for websites that show inflation adjusted U.S. stock indices, and came across this one that supposedly updates once a quarter (link here) [if anyone knows of such a website that updates frequently, do let me know!].
This one showed a comparison of the inflation-adjusted DJIA starting from year 2000 with the secular bear market of 1964-1984. It is similar to the chart shown in Martin Pring’s Investing in the Second Lost Decade. Basically the chart is “predicting” that are we scheduled for a market downturn lasting until 2017-2018. The current situation has “defied gravity’ for the moment but usually history is a decent predictor at least for secular stock market cycles.
We will have to see how long this exuberance lasts, and ride the wave while the wave is available.