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“The First Cut Is the Deepest”
In 1967, a little-known English singer of Greek origin, Steven Demetre Georgiou, released his second album, “New Masters,” under the pseudonym Cat Stevens. This album included 12 songs, among which the most famous is “The First Cut Is the Deepest.”
In the case of the S&P 500’s decennial bull market, the first cut also was the deepest as the market experienced the largest plunge in its history, even as it was at its historical maximum. That first and deepest plunge lasted for nine days, from Feb. 19 to Feb.