There seems to be some overlap between the range-bound market in stocks that you argue started in 2000 and the secular bull market in commodities that Jim Rogers says started in 1999. Do you agree with Rogers that we are in a secular bull market for commodities? If so, is this just a coincidence that it’s happening during a secular range-bound market in stocks, or do the two normally go together? The 1970s was a time of rising commodity prices as well, and that decade was also part of the previous range-bound market in stocks, as you pointed out in Active Value Investing.

I’d be grateful if you could share your thoughts on this. Thanks for the insightful posts.