The late 70s were not part of any cycle that I'm aware of. The economy was falling --- a real recession as opposed to the mild slump we had in 01. Unemployment was soaring, 12% or more, yet inflation was also soaring instead of falling as you would expect as demand fell. They called it "stagflation" at the time and it was counterintuitive to anything you learned in econ-101.
Agree. Hopefully, it will not be in a future cycle.
Seems that financial advisors are stymied by our current conditions.