Welcome to the Dividend Cafe weekly market commentary focused on dividends in your portfolio

and dividends in your understanding of economic life.

Well, hello and welcome to this week's Dividend Cafe.

I'm your host, David Bonson, and we are going to talk today about one of the very most important

topics in all of investing,

the issue of corrections, bad markets, the issue of manias, excessively good markets,

what lessons history has to offer about all of the above.

When I say one of the most important lessons in all

of investing, I can't think of very many things that an investor who invest long enough in

public equities will not face more than the reality of things going poorly and the reality of

things going too well and what to do about that and really what to do about either.

And I want to set the stage for this a little bit.

First of all, let me tell you what we're going to get into here.

We're going to talk about some unprecedented.

Okay, I just gave you the keyword.

Is anything ever unprecedented when we talk about things in market

history and I refer to stuff that seems like it's new? Is it actually unprecedented or is there

nothing new under the sun? We're going to talk about very precedented moves up and down in the markets

year to date where there is a certain

incoherence around some of the narratives that have been painted around these.

I want to make a distinction for you between two terms that are very, very important.

One is that of a drawdown, which is just a period of time, which the market goes down

...