From the Article (Bloomberg):
..."five percent of all trading days have led to highs, that means stocks are trading below a high 95 percent of the time. So the majority of the time stocks are in a state of drawdown, which can affect the psyche of any investor who doesn’t understand this fact. Most of your time as a stock market investor is spent in a state of regret."Also,
"when stocks have been in the most expensive quintile of historical valuations, which is where they are now, the average drawdown when that cycle ends is a loss of 33 percent. When stocks are in the cheapest quintile of historical valuations, the average drawdown is just 6 percent."
https://bloomberg.com/view/articles/2017-01-30/sometimes-the-dow-s-peaks-are-followed-by-more-peaks
