"I have stated, and I still believe, that we’re in a secular bear market in equities that will not end until 16 year trailing returns for the Dow Jones Industrial Average and S&P 500 is in negative territory. In other words, this would mean that when we mark the high for S&P in March of 2000 at approximately 1500, a secular bear low assuming a -4% annualized trailing return for 16 years would place us at around 795 in 2016. Pretty sobering, right?
...Considering that the secular bull market party that went from 1982-2000 was the greatest on record, one must expect the secular bear to accompany it to be the nastiest on record as well"
---Bennet Sedacca, Minyanville, 11.17.08