Did the stock market really take 25 years to recover from 1929? or was it four and a half?

Mark Hulbert suggests it took just over 4 years, in relative terms.  (New York Times published 28 the April 2009)

Historical stock charts seem to show that it took more than 25 years for the market to recover from the 1929 crash — a dismal statistic that has been brought to investors’ attention many times in the current downturn.

But a careful analysis of the record shows that the picture is more complex and, ultimately, far less daunting: An investor who invested a lump sum in the average stock at the market’s 1929 high would have been back to a break-even by late 1936 — less than four and a half years after the mid-1932 market low.

How can this be? Read the Article