> If you assume that a bad bear market is a 40% drawdown, and since 2009 the S&P 500 has gained 20% on a good year, you only need just 2 good years or a mixture

> If you assume that a bad bear market is a 40% drawdown, and since 2009 the S&P 500 has gained 20% on a good year, you only need just 2 good years or a mixture of some good and mediocre years to offset a bear market. This is one of the most basic mathematical errors you can make... 100 - (100 * 0.4) = 60 60 + (60 * 0.2) = 72 + (72 * 0.2) = 86.4