To date, the U.S. equity market has recovered from all major and minor downturns. Even so, a time will come again when we are in the middle of an extended downturn. That presents a conundrum: How do we prepare otherwise risk-tolerant individuals to remain in markets that have treated them badly? We think the answer includes regular reminders about past market volatility as well as the illustration of the idea that the achievement of long-term gains may well require enduring stretches of heightened market volatility and extended declines. In this month’s commentary, we seek to revisit the worst of what we’ve experienced over the past few decades. Our intention is to remind readers about past market tumult and those subsequent recoveries. The upshot is that our investment time horizon is an important consideration when estimating our tolerance for market risk.