As Long As: Inflation Remained Reasonable, Deflation Was Absent,
GDP And Earnings Growth Remained Positive – Market Was Either Bull Or Sideways.
Sources of stock market returns: Bull Markets
Sources of stock market returns: Sideways and Bear Markets
Japanese “By the Book” secular bear market
Years to new bull market at different earnings growth rates
Corrected Exhibit 4.3 – Golde’s and Similar Cows Relative Valuation Stats
I’ve been asked by readers to show the computation of Golde’s worth in Excel, here it is.