Oops, 1987?
No prob. I laugh when I consider how folks have so conveniently forgotten the massive sell of of 2002. Heck, even I struggle to remember all the particulars of why the average balanced portfolio declined about 45% in that one.
Much of it a hangover of y2k. Few folks realize that so much of the volatility created over the last 18 yrs can be very squarely blamed on the spending bubble that was created for exploitation, y2k.