Wednesday, February 2, 2011

THE SECULAR BEAR MARKET COULD LAST UNTIL 2020

by Cullen Roche
 
Pring Turner Capital has an updated version of their secular bear market comparison.  According to them this bear is years from being over:
“Updating our duration and valuation benchmarks, again we find progress but not yet achieving the truly undervalued levels we expect to see toward the end of a secular bear market. Based upon previous cycles, it appears we are only slightly past the half way mark in terms of years, number of recessions, and valuations. A look at our chart and table comparing this to earlier secular bear markets illustrates our conclusion. We expect a major bottom for inflation adjusted stock prices is still years away before stocks finally gravitate toward the target area outlined below.” [..]

Source: Pring Turner

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