From The Wall Street Journal

"It was brutal when you made calls," to clients, says Lloyd Glazer, managing partner at Mayflower Advisors. Mr. Glazer got his start in 1968 in the Boston office of a New York based brokerage Walston & Co. and by the mid-1970s was a stockbroker for Bache & Co. before moving to Bear Stearns Cos. "If somebody would even take your call you'd be delighted."

He sees similarities today in how sentiment changed coming out of the 1960s bull market. "It went from complacency to fear to panic," he says. "By 1973 they were saying 'just get me the hell out of the market.' "

After getting cut in half, the stock market was up 40% a year after the market bottomed.