152 years of S&P500 returns

 From Visual Capitalist

Observe how the returns are skewed to the right, i.e., are greater than zero.   And how big falls are not always immediately followed by big rallies--for example, 1931's -50% was followed in 1932 with -10%.  1933, however, was between plus 40 and plus 50%.   There were a couple of bear traps (false rallies) between 1929 and 1933.  And the level of the S&P500 didn't pass the 1929 peak until 1954.