Since 1945, there have been relatively few large interstate wars, especially compared to the preceding 30 years, which included both World Wars. This pattern, sometimes called the long peace, is highly controversial. Does it represent an enduring trend caused by a genuine change in the underlying conflict-generating processes? Or is it consistent with a highly variable but otherwise stable system of conflict? Using the empirical distributions of interstate war sizes and onset times from 1823 to 2003, we parameterize stationary models of conflict generation that can distinguish trends from statistical fluctuations in the statistics of war. These models indicate that both the long peace and the period of great violence that preceded it are not statistically uncommon patterns in realistic but stationary conflict time series. This fact does not detract from the importance of the long peace or the proposed mechanisms that explain it. However, the models indicate that the postwar pattern of peace would need to endure at least another 100 to 140 years to become a statistically significant trend. This fact places an implicit upper bound on the magnitude of any change in the true likelihood of a large war after the end of the Second World War. The historical patterns of war thus seem to imply that the long peace may be substantially more fragile than proponents believe, despite recent efforts to identify mechanisms that reduce the likelihood of interstate wars.