The financial crisis may now be “officially over,” in the view of a Deutsche Bank economist, but from a long-term perspective, the carnage that stocks saw both then and at the demise of the dot-com era are still lingering. While U.S. stocks have more than recovered from the financial crisis — the S&P 500 SPX, +0.29% has doubled, on a total-return basis, from its pre-crisis peak in 2007, and it has roughly quadrupled from its March 2009 bottom — the two major drawdowns experienced over the past two decades have severely hurt its long-term averages, as seen in the following chart from Bespoke Investment Group: via