It is a consensus view even among the most bullish investors in capital markets that stocks entered a secular bear market with the bursting of the technology bubble in 2000. Instead, the debate among the bulls and the bears that follow secular market patterns focused on whether the latest secular bear market ended with the market bottom back in March 2009 (the bulls) or remains ongoing through today (the bears). While I have long been firmly in the bear camp on this debate, another perspective that has been largely overlooked may also merit consideration. In a lurch beyond the most bullish of the bulls, what if in fact the most recent secular bear market never happened at all? What if instead the secular bull market that began in 1982 never ended and remains very much intact to this day? If this is indeed the case, what might this mean for capital markets going forward?
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