We bubble historians have been a bit brainwashed by our exposure in the last 30 years to 4 of the perhaps 6 or 8 great investment bubbles in history: Japanese land and Japanese equities in 1989, US tech in 2000, and almost everything in 2007. The US market today is not a classic bubble, not even close. The market is unlikely to go “bang” in the way those bubbles did. The implications for the next 20 years for pension funds and others are oddly similar whether the market crashes in 2 years, falls steadily over 7 years, or whimpers sideways for 20 years. The real difference in these flight paths will be, of course, over the short term. Are we going to have our pain from regression to the mean in an intense 2-year burst, a steady 7-year decline, or a drawn-out 20-year whimper? Read the full 37 reasons this bull doesn’t end with a bang: (VIEW LINK)
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