Pessimists point to 1931-35, when dividends per share in America fell by 45% from peak to trough.
The study found that the relative peak to trough return of the average of the conflict countries was -47%.
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In 1929, it took only three months to go from peak to trough.
Iceland had a steep recession, one of the steepest, with a peak to trough decline of around 11% of GDP.
The Nikkei fell as much as 80% from peak to trough and is still down more than 70% from its 1989 high!
In contrast, Hong Kong, Singapore, Taiwan and Malaysia suffered full-blown recessions, with growth rates falling by more than ten percentage points from peak to trough.
Studying the recovery phase of the last seven major bear markets (those down 45% or more, peak to trough), the average gain in year three was 3%.
But it was partly a natural response to a severe contraction (in the Baltics, for example, GDP fell by up to a fifth from peak to trough).
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In the interests of openness, the peak to trough for our own International composite was 49% from May of 2008 to February of 2009 with only 19 holdings.
From the intraday high tick of 3.39 to the close at 2.41, the stock slid almost a dollar lower for a drop of 29% from peak to trough.
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In the more recent downturn of 2007-2009 we see a similar pattern, with the un-rebalanced portfolio losing 37% while the rebalanced lost just 30% from peak to trough.
In the typical severe financial crisis, the real (inflation-adjusted) price of housing tends to decline 36%, with the duration of peak to trough lasting five to six years.
The more telling difference between the UK and France is that they had a much shallower recession than we did, with less than half the total decline in GDP, from peak to trough.
From peak to trough, the won fell by 54% to 1, 962 to the dollar, the stockmarket plunged by 65% between June 1997 and June 1998, and some of the country's best-known companies went bankrupt.
We looked at how well those hundreds of stock holdings fared in that same group of 20 largest active equity managers from peak to trough and their median decline was 58%, not a small number.
First, the housing bust was mild in Denver: prices fell only 8% from the peak to the trough, which is 19th-best among the 100 largest metros.
To put this fact into context, the entire peak-to-trough contraction in the 2001 recession was 1.3%!
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So, what you'll see in first-quarter results is a catch-up to what now the future of market is doing, viewing the peak-to-trough home prices to be 37%.
The worst, in the early 1980s, saw a peak-to-trough decline in output of 6%.
The banks, all the big banks anyway, carry their mortgage books with an assumption that home prices would decline peak-to-trough 30%, 31%.
Also note that its peak-to-trough drop during the crisis was only 30%.
Several BDCs saw their share prices fall 90% peak-to-trough from 2007-09.
The worst, in the early 1980s, saw a peak-to-trough decline in output of 6%, though the more recent recession, caused by the credit crisis, has been worse.
Stocks go up three out of four years and declines of twenty percent peak-to-trough are extremely rare (declines of 50% are even rarer still and are always a buying opportunity).
"We think the peak-to-trough decline in annual real GDP will be in the order of 23%, similar to Greece, but we see risks more on the downside than the upside, " he says.
Furthermore, we believe the DVD (and broader optical disk) category has already entered a long-term decline (analogous with peak-to-trough decline of VHS and CD categories), caused by rapid growth in on-line streaming and a la carte rentals (though we admit that UV has been a bit of a disappointment, so far).
Peak falls on trough to create a core of darkness along the lens's central axis.
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