It's incredible what a difference a relatively short amount of time can make on Wall Street. In 2021, all three major stock indexes logged multiple record-closing highs. But just one year later, the major indexes were plummeting into a bear market, with the Nasdaq Composite (NASDAQINDEX: ^IXIC) ultimately shedding 33% of its value.

While there's no question that big declines can be unnerving and shake investors' confidence, patience has a way of paying off on Wall Street. With the exception of the 2022 bear market, every double-digit percentage drop in the major indexes, including the Nasdaq Composite, has eventually been whisked away by a bull market rally. Buying high-quality stocks during these downturns has been a smart strategy over the long run.

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Source Fool.com