Many investors' portfolios are dependent upon a rising stock market in order to prosper. While these types of portfolios may thrive during advancing markets, they remain susceptible to excessive drawdowns in declining markets. Since 1929 there have been 14 instances where the market has fallen in excess of 20%. The average loss associated with each of these "bear markets" was 34% and the average occurrence was approximately once every 5½ years. Those who follow the markets closely understand that such drawdowns are not limited to domestic indices. Japan's NIKKEI 225 hit an all-time high of over 39,000 in 1989. Today, more than 16 years later, the NIKKEI remains under 17,000.