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Secular stock market declines have ranged in length from over 19 years to as few as 3 [and] the current decline is now in its 10th year. Every time the P/E10 has fallen from the top to the 2nd quintile [as it has done recently], it has ultimately declined to the 1st quintile and bottomed in single digits. Based on the latest 10-year earnings average, to reach a P/E10 in the high single digits would require [either] an S&P 500 price decline below 540 [or] for corporate earnings to make a strong and prolonged surge. [Which is it going to be and, if it is the former, when might it occur? Only time will tell! Let me explain.] Words: 1338
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