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1982: The Wall Street Journal reports that Richard I. Sichel, a respected portfolio manager at New Jersey National Bank, is keeping 30% of his equity funds in cash and considers high-grade bonds the best investment. Warns Sichel: Theres still room for disappointment on corporate earnings and the [Dow Jones] industrial average might hit the low 700s. The Dow closes the day at 792.43, never comes near the low 700s again, and finishes the year at 1046.54.
Victor J. Hillery, Some Managers Adding to Equities to Take Advantage of Low Prices, The Wall Street Journal, August 16, 1982, p. 33; http://averages.dowjones.com/