History has shown us that there is an excellent correlation between the length of a bear market and the bull market which preceded it. Given that we have had the longest bull run in history, about 18 years, my guess is that this bear will last a good many years yet. It will slowly grind away, there will be be rallies and such but the trend will continue downwards and, in the end, there will be no more bulls. That's when the tide will turn. At that time, the market will, once more, represent truly great value and the whole cycle will repeat itself.
I can't remember who said it but the saying goes it takes a smart man to learn from his mistakes but a smarter one to learn from others' mistakes. This boom-bust cycle that we are doomed to repeat endlessly is sad commentary that most of us do not fit into the latter category.
