Just came across something interesting about market cycles that's been floating around for over a century. There's this historical framework from Samuel Benner back in 1875 where he tried to map out periods when to make money by identifying recurring patterns in financial markets. Honestly, it's fascinating how he broke it down.

So basically, Benner identified three distinct phases that repeat in market cycles. First, you have the panic years – think financial crises and market collapses. These hit roughly every 18-20 years, with historical examples like 1927, 1945, 1965, 1981, 1999, and 2019. The guidance here is simple: don't panic sell during these times. Just sit tight and wait it out.

Then there are the boom years where prices surge and markets recover. These are your actual selling opportunities – when you want to take profits and move assets. We've seen this pattern in years like 1928, 1943, 1953, 1960, 1968, 1973, 1989, 2000, 2007, 2016, 2020, and more recently 2026. This is when smart money typically exits positions.

The third phase is the recession periods – when prices are depressed and the economy is struggling. This is counterintuitively the best time to buy. Years like 1924, 1931, 1942, 1951, 1958, 1969, 1978, 1985, 1996, 2005, 2012, and 2023 fall into this category. If you can stomach holding through hard times, this is where real wealth gets built.

The whole thesis is pretty straightforward: accumulate during recessions when prices are beaten down, then distribute during boom periods when everything's running hot. Avoid getting emotional during panic years. It's a long-term perspective on periods when to make money rather than trying to time every dip and rally.

Of course, this isn't gospel – markets are influenced by countless variables like geopolitics, technological shifts, policy changes, and black swan events. But as a historical framework for understanding market behavior over decades? It's worth studying. The cyclical pattern Benner identified still holds some relevance today when thinking about multi-year investment strategies.