Markets similar to Story of Mankind.

History of the Markets is probably similar to the story of Mankind: more bullish than bearish.

A blog post in Pragmatic Capitalism titled The perpetual wall of worry  discusses how markets face severe setbacks in periods of hardship, but, “if the citizenry are moving in the right direction, they are likely to continue making progress.  After all, when taken to an extreme that is the story of man.  We innovate, overcome, survive.”

The post says “Common sense says that mankind will always wake up in the morning attempting to be better than he/she was yesterday.  Fighting this powerful trend through persistent pessimism might pay-off in the short-term, but it is guaranteed to lose in the long-term.  And a good risk manager knows there will be bumps along the way.  Plan accordingly.”