The Quietest Big Rally in Decades

It's been some kind of ride. Since March 2009, U.S. stocks as measured by Morningstar's U.S. Market Index are up 23.9% annualized. For comparison's sake, the Great Bull Market of the '80s, measured from January 1982 through the peak at July 1987, also registered at 23.9% per annum. Yes, the earlier bull market was longer than this one has been (so far); thus, its cumulative returns were greater. But in real terms, the '80s' bull market was actually less roaring than the current version, given the earlier period's higher rate of inflation.