Every time I see this chart, it blows me away. I know that you need to do comparisons as ratios but but the growth in absolute terms is just extraordinary to me.
Look at the big crashes: the 1920s and 1987. They seem quaint by the scale of the market today. (Although in ratio terms, it isn't. 1987 looks like about 30% drop which is larger than the drop from 1999 to the low point in the 2000's.)
Most periods of extreme growth are followed by decades of relative flatness. At least that was true before the 1980's.
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