Wall Street researchers are terrible at history!
The worst examples occur when they make hasty and sloppy comparisons. A current example is finding an old chart from one time period and lining it up with current trading. This is a blatant form of data dredging, but some find it to be compelling reading. (Here is a typical example from The Big Picture, but please note that the inference is not endorsed by Barry Ritholtz).
The problem is that everyone who follows the markets looks at charts on a daily basis. Even the non-technicians claim some basic skill. Show us a chart, and we all have an opinion.
At "A Dash" we have tried to point out that the data we really need for good research is rarely available. This forces us to reach back in time --- often way back -- to get enough data to review more than one or two market cycles.
We seriously doubt that market data from the Taft Administration has much relevance for today. In fact, we question any information from the era before stock options and futures, and maybe before the invention of the personal computer.
There are some market characteristics that endure over time. Sure, everyone should read and enjoy