I’ve posted Podcast #71 to the “RobCasts” section of the site. It’s called I Was Wrong — The Bull Market Started in 1975, Not 1982.
The big move upward in valuations began in 1982. But stocks pay a return of over 6 percent real in years when the P/E10 level remains the same. Stocks were a fine investment from 1975 all the way through early 2000. We should be encouraging people to own stocks in years when the P/E10 level remains constant, so it is a mistake to suggest that the bull market did not begin until 1982.