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Lessons from a Lost Decade

TO SAY THAT THE PAST DECADE HAS BEEN A DIFFICULT ONE FOR investors is a gross understatement. The S&P 500 has essentially spent the past 13 years treading water. That is not to say that the market has stood still. Investors have been treated to the deflation of two major bubbles with ensuing bear markets. Many analysts describe this as a “lost decade for stocks.” We are at present living through what we described earlier as an extended drawdown for the U.S. stock market. And so the past decade should not come as ...

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