SPY - The Hindsight Depression January, 11 2021 12:46 PM SPDR S&P 500 By a number of metrics, the 2008-2020 period was similar to the 1929-1940 period. However, monetary policy and technology were very different, which disguised some of the similarities. Portfolio positioning for rising populism and ongoing fiscal dominance. For further details see: The Hindsight Depression