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Supplemental Data

Bull or Sideways, Dow Jones Industrial Average, 100 Years and Counting…

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

What is Golde Worth spreadsheet (download .XLS file)

I’ve been asked by readers to show the computation of Golde’s worth in Excel, here it is.