Footy: 
You are almost correct, that is if you are counting peak to trough. However the market actually bottomed in October of 1974.
Regardless, this conversation began with the point being made that if someone has a portfolio that is producing significant and sufficient income as some have and that income is produced entirely from low-risk investments, then share prices can be largely ignored. I believe that is how bankish is positioned (although he trusts bank income stability more than I do)  and I know for absolute certainty that it is how I am.
SFI