I’ve posted Entry #81 to my weekly Valuation-Informed Indexing column at the Value Walk site. It’s called How Sure Can We Be That Stocks Will Fall by Another 65 Percent?
Juicy Excerpt: The statistical evidence that we will see a drop to 8 is not as strong as the statistical evidence that valuations affect long-term returns. But the logic that explains the bull/bear cycle requires such a drop.
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