>Doug Henwood wrote:
>
>> What really matters here is whether investors' faith in the numbers
>> is fatally shaken. If it is, the stock market could languish for
>> years.
>
>I don't get this. Even is the numbers are accurate, the market is still
>overvalued.
Yup. But if broad numbers of people come to believe that all the numbers are a crock, and the game is rigged, then we could be talking about a real long-term shift away from stocks, like the one after 1929. I've got two market laws in mind - one, that they overreact, and two, that trends can last longer than anyone expects.
Doug