Past five years indicates possible risks

In the UK, the first three months of 2004 have drifted by, with little apparent change. After last year's collapse of confidence and sharp, faith-restoring bounce a pause for thought seems natural. Last year felt unusual. Stock markets do not often contemplate imminent collapse during a year and then end the year considerably higher. I can think of only two other years in the past 100 when this happened, so I hope it is safe to assume last year will not be the norm. So what to expect from the next five years; should we take the last five, 10, or 25 years as normal? The past five years hav...