Chapter 25: Where are we in 2011?

We live in most unusual times in 2011. A secular bear market coexists in the United States and Australia, a scenario that has not played out since 1969–74, some 36 years ago. Importantly for Australia, this time around we were late to the funeral and, as chapter 24 revealed, many would argue the GFC-inspired bear market is already behind us and that a big bull strode into town back in March 2009. After much reflection and poring over historical data I do not believe this to be the case: I believe the bear is still with us and will inflict more pain before relief arrives.

We will come back to the Australian market after we analyse the US market, which, despite its detractors, is still the largest and most influential ...

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