A LONG MARKET CONVALESCENCE
The Easy Part of the Recovery Is Behind Us
As contrarian investors, who were becoming more favorably biased toward the markets, we were faced with a puzzle.
On the one hand, the markets' declines from their highs had already matched those of earlier bear markets associated with economic recessions - both in length and in amplitude - and the investment crowd had become overwhelmingly negative -- the kind of capitulation that usually accompanies market bottoms.
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François Sicart
11 January 2010
New York, NY 10019