I track the performance of roughly 60 country equity indices. Granted, most of the sample size is recent (there is only about 20 series in 1970, and 40 in 1990). Below is a chart of % of countries with a positive return in any year, and the blue line is number of series included. I don’t know how much value this chart is, but it IS interesting to note that each of the last 4 years have had > 90% of countries recording positive performance. Nothing in the rest of the sample comes close (Well, the 1920’s had 6 years in a row of > 80%, but that was with a pretty small sample size). For what its worth.