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Lost Decade for Investors (consolidated)
This is a consolidation of previous posts made up of three parts In January 2010, investors lamented the lost decade ending on 31st Dec 2009 and eagerly look forward to a bull market ahead, determined to win back the decade's lost profits. On the other hand, given the poor fundamentals a lot more people are wondering why it is still afloat. The rally from March 2009 was at the expense of true market forces distorted by heavy government interventions for the sake of a few. The chart below shows the Dow Jones Industrial Index from 1947 to the present and the trend can be fairly said to be sideway since 1999. We are mostly inclined to think we are still in the BULL phase, which I actually have doubt. It is interesting to note DJIA had actually moved sideway for longer period of time in the past, so it is something that it is capable of doing again. From the chart below, you can see a period of about 16.6 years where DJIA traded sideway and at the psychological 1000 level. The chart uses a log scale on the
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