Hey, to be fair sometimes Bears are too early too. I would have thought we hit a top in 2003, based on Rich’s plots of historic ratios.
In the stock market arena … remember Alan Greenspan’s infamous “irrational exuberance” speech, and all the bears who pounced on it. They were eventually right, but …the speech was December 5, 1996, and the S&P 500 never retreated to that level. Today it’s about 70% above that level (not including dividends). That’s about 6+% growth, plus 1-2% dividends.
Bulls make money, bears make money, … and Piggingtons get it right.
