Subject: Re: Grantham: In which stage are we?
This train of thought leads me to think that if anyone intends to use past drawdowns as a guidepost for when to re-enter, it'll be important to account for the effect of inflation in doing so.
I welcome any thoughts on the above.

Take a look at the long term S&P charts here https://www.macrotrends.net/23...
The picture changes a lot if you adjust for inflation - especially in the 70s.
There was no real return from 1968 to 1992 - thats an incredibly long time to wait for some return (I'm not sure if dividends are included in this chart).

It was no coincidence that by 1967 Buffett felt 'out of step with present conditions' (read: the roaring bull market). And by 1969, he decided to shut down his partnership.