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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