[ThrustVectoring]

Global market-cap weighted equity investment has done fine since 1989. And anyhow, Japan's lost decade is more of a central bank policy failure than anything else, and one that is unlikely to be repeated.

The pre-Soviet Russian stock market is probably a better example.

[marvin]

How did the Russian stock market do? I'm curious and haven't heard this discussed before.

[ThrustVectoring]

It did about what you'd expect out of a national stock market - that is, until the Soviets seized the means of production, at which point you had literally nothing.