From Comstock Partners on The Pragmatic Capitalist:

In our view the strong rally off last year’s March low is a contra-cyclical move within a secular bear market that started in March 2000.

We have been undergoing a major credit crisis, followed by severe decline in income, a collapse in asset prices and record debt. A number of detailed studies have shown that economic recoveries following such events are of short duration and extremely weak at best.

Despite massive efforts at stimulation...

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