The bull market of 1982-1987 was the first I lived through. This sweet bull market, when the Dow Jones delivered 337% from mid-August 1982 to late August 1987, has been compared to that of the 1920s, which occurred in the decade following WWI and the Spanish flu.
In mid-1982 few people were feeling optimistic. Those of us around at the time will vividly remember the very real threat of nuclear war.
The US and many other economies were still in recession. The US recession of July 1981-November 1982 (the end coincided, coincidently, exactly with the death of the USSR's Leonid Brezhnev) was a bad one, with unemployment rising to above 10%.
In the UK, unemployment hit three million in January of 1982 - about 12.5% of the workforce - and stayed above that number until 1986, most of the way through the powerful bull market.
Many industries had collapsed in size, particularly heavy industrialised ones, and the new service sectors which would come to replace them were tentatively opening up.
Capitalism's creative destruction was working, but we were still largely at the destructive stage.
The decade up to 1982 had witnessed two oil shocks, a three-day week in the UK (no working from home in those days), industrial unrest leading to strikes which hobbled production in many areas (not as bad as the recent lockdown for the economy at large but similar in effect for a number of industries), power cuts and stagflation.
This had social impacts: punk music, disaster movies and fashion crimes such as flares to name a few. By 1982, flares had more or less gone out of fashion, but some people still wore them.
It was a period when many people were not thinking straight. In 1981, one of the best songs of all time, Vienna by Ultravox, had to make do with peaking at number two in the charts for several weeks, kept off the top spot by novelty song Shaddap You Face by Joe Dolce.
In 1982, the world was very much in the grip of the Cold War. The UK experienced a real war - the Falklands conflict began on 2 April that year and lasted for 10 weeks.
In August 1982, Mexico was the first of many Latin American countries to default on sovereign debt. It was a year of political and economic challenges, to put it mildly.
And yet, this was a year when there were flashes of light at the end of the tunnel. Iconic films were released including, Blade Runner, E.T. and First Blood (the first Rambo film).
Feel-good movies such as Flashdance began to be produced prodigiously and would appear on screens within a year, and music too became more upbeat - this was the year of Come On Eileen by Dexys Midnight Runners and the superb Eye of the Tiger by Survivor (as featured in Rocky III).
In the world of equities, the phoenix rose from the ashes. The bull market began in August - the month Mexico defaulted, several months before the end of the US recession and well before unemployment peaked.
Unemployment is always a lagging indicator and market participants know that there is less risk of tightening measures when it is very high.
And so it was in the 1980s - interest rates fell from very high levels early in the decade to much lower levels towards the end of it.
Today is different in that we already have low interest rates in nominal terms, but monetary policy did become much looser mid-March as the electronic printing presses were ramped up again. While unemployment is high, we should not expect this to be unwound.
The world was not a happy place in 1982. But from this despair rose a roaring bull market and I believe that, in this respect, history has begun to repeat itself.
The last (rapid!) bear market in global equities ended on 23 March. The bull market we are currently in began on 24 March.
Long may it continue.
Jason Pidcock is manager of the Jupiter Asian Income fund