In my lifetime as an investor, there have been four major peaks for the Lloyds Banking Group (LSE: LLOY) share price.

Lively Lloyds

The first two peaks came during the stock-market bubble of the late 1990s, with the shares surging in spring 1998 and spring 1999. When the dotcom bubble burst, share prices tumbled and Lloyds stock duly followed suit.

After making a comeback up to spring 2002, Lloyds shares plunged again. Finally, after peaking in spring 2007, the stock collapsed spectacularly. (What is it about the Lloyds share price and spring crashes, I wonder?)

From 2007 to 2020, owning a stake in the Black Horse bank became reliably risky. The share price was wildly volatile during…