No. Thank you.
Brad DeLong emailed to thank me for calling him charming. It’s a pretty big reminder that you never know who is going to read what you write and the power of the Internet. Here is what he added to my statement that I see more downside risk to the US market:
The 1907 bottom was above 10! And even when stocks are at a Graham ratio of 15 their average return over the subsequent 20 years is 6% plus inflation. But I agree: the numerology suggests that they do overshoot on the downside significantly…
