That '70s show?

John Mauldin's most recent weekly missive (registration required and highly recommended) contained the following graphic depiction via Ed Easterling of the ups and downs seen in the last secular bear market in stocks during the period from 1966 to 1982.
That gives the nearly 50 percent rally since March a whole new perspective, particularly given the fact that we are only nine years into a cycle that typically runs much longer.

Some parallels to the 1972 peak are cited in the analysis, but a repeat of the 1975 peak would surely disappoint recent stock buyers as well.