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Anatomy of the Bear: Lessons from Wall Street's four great bottoms by Russell Napier

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Structure of the market in 1982

The stock market in 1982

Charlie emits a sardonic, single-syllabled laugh, and explains, ‘The little man is acting like the oil companies now. I’ll get mine, and screw you.’

‘I don’t blame the oil companies,’ Harry says tranquilly. ‘It’s too big for them too. Mother Earth is drying up, is all.’

John Updike, Rabbit is Rich

By 1982, the stock market was no longer a financial sideshow in America. At the end of May 1949, the total value of all NYSE-listed stocks was just $64 billion, or 23% of GDP. In the bull market to December 1968, NYSE market capitalisation increased to $693 billion, or 76% of GDP. Despite the bear market, which began in 1968, market capitalisation continued to rise and by the end ...

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