Yet the S&P 500 % drops remain relatively consistent averaging 25%.
The market is considerably stabler than it was a century ago.
The endless quantitative easing and low/negative rates will probably devalue currencies more than usual. I expect gold will do well leading into the recession, but I also believe Bitcoin will do tremendously as a deflationary asset, hedge and simply because it is more liquid and usable than gold. Expect that the next crisis will probably spark adoption. Time will tell!
I also just published indicator "Charles Recession Watch" to provide some insight on current risk levels towards incoming recessions.
Article here: https://medium.com/@charleswedwards/the-next-recession-672c16156e2