| attention amis bull : Long Valuation Waves 2, hamilton |
par marie Sam 13 Aoû 2005 - 17:44
en conclusion de ce remarquable article :.12 ans de plus en secular bear .
.pour le marché actions
- Citation :
- I hate bear markets. I live to play the markets, but playing them is infinitely easier in secular bulls where the rising valuation tide lifts all boats. Making money in bear markets is very challenging and takes 10x the work that it takes in bulls. I am not happy at all with the message of the Long Valuation Waves today and truly wish I could tell you that we are due for a secular-bull stage.
Nevertheless, reality is reality regardless of our feelings. If we know a valuation-wave trough is coming we can prepare our capital accordingly and weather the storm elsewhere. There is no need for anyone to fight a secular headwind for 17 years. Right now, sadly, probabilities are in favor of 12 more years of a secular bear, probably endless sideways grinding, before the next Great Bull.
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