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Market Extra: Key lessons from the second-longest bull market, in 11 charts

Charlie Bilello/Pension Partners
This chart illustrates the steady climb in the S&P 500 even as investors struggled with bouts of panic sales, suggesting that the bull market rewards those who embrace their fears.

The two most important lessons from the second-longest bull market in history may be that conventional wisdom is often wrong and that it’s OK for an investor to say “I don’t know,” according to one market guru.

Charlie Bilello, director of research at Pension Partners LLC, on Tuesday posted a retrospective of the S&P 500’s SPX, +0.06% 340% climb — including dividends — from the nadir of March 2009 to the dizzying heights of today, revisiting some of the market’s more memorable moments and refuting a few well-known investing myths.

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