APPENDIX CGLOBAL ASPECTS TO THE SECULAR BEAR MARKET IN STOCKS

Our attention so far has been focused on the secular equity bear market in the United States, but this same phenomenon can be identified in other countries—mostly the developed ones.

What Is the Direction of the Global Secular Trend?

Since the early 1990s, the overall trend of the correlation between individual countries, as we might expect, is one of a closer-knit global financial community as markets around the world are gradually becoming more and more correlated. This arises not only because of institutional changes, such as the advent of 24-hour trading, increased international listings, international ETFs (which permit instant trading in international markets), and so on. Also ...

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