bnb valuation, page-24

HotDog

In the US it will probably be longer.

This is a 40 year cycle top.

Think of 1932 and 1974 and then think 2013 as a comparative low.

The odds are that this decline is only close to half done in price.

I am hoping that this first move down is nearly done and that the worst is in a year or two, but it could be that the worst comes now and just ranges for many years.