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Richard's Remarks


What happened? The bear market ended on June 13, 1949, at 161.60 on the Dow. World War II had ended, and everybody expected a resumption of the Great Depression. The market turned up, to everyone's shock and surprise. I had turned bullish, based on the great values that existed plus the black bearish sentiment (the yield on the Dow was around 5%).


The market continued higher into 1951. The Dow had risen on 17 of the 20 months into 1951. In 1951 the market went flat, and everybody thought (the crowd was very bearish), "This is it. Now the bear market is about to resume." But fooled again. The market turned up and with amazing and bullish breadth the stock market continued higher into 1953. At around that time a few investors began to think that we were in a bull market.


This ancient history reminded me of the recent twenty months up ... Log in or subscribe to continue reading.

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