Stocks For The Long Run, v. 3

Ouch!
Clusterstock mentions that real returns following a market peak have been very different than after a bottom.
Stocks For The Long Run, v. 3:

"If you invested at the 1929 peak, it took 29 years for the value of your shares to recover in real terms; if you invested at the 1968 peak, it took 24 years.

The takeaways are: 1) dividends have provided the lion's share of long-term stock market returns; real capital gains have been comparatively modest; and 2) if you invest at a peak, you probably won't see a real capital gain for a quarter-century."