"Thirty years ago, on Friday, September 18, 1987, the long-standing NZX benchmark index reached an all-time high of 3968.89. This capital index, which is now called the S&P/NZX 50 Index, has never returned to this level and is still 8 per cent below its 1987 high." -
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11922930
"The good news is that most of the negative characteristics of the 1980s - poor quality IPOs, irrational takeovers and debt-fuelled overseas purchases - don't exist today, although companies continue to emphasise normalised or adjusted earnings, instead of figures that are fully compliant with accounting standards."